The price of 95-octane gasoline in gas stations is below €1.55 per liter, 98-octane gasoline is under €1.60 and diesel is below €1.40. According to Tarmo Kärsna, head of energy sales at Alexela, prices this low haven't been seen since 2022.

"There's currently a surplus of diesel in Europe because the economy hasn't grown as much as expected, while OPEC countries continue overproduction. They're not adhering to agreements to limit production. The United States is also having a major impact, as they are ramping up fuel production ahead of the upcoming presidential election to lower fuel prices in the domestic market," said Kärsna.

At least in the near future, prices are not expected to rise.

"The price will certainly remain at the same level over the next few weeks, but the world is changing rapidly, and you never know what the future holds," Kärsna noted.

"We expect the price to stay at this level for a while. Various factors could trigger an increase, but at the moment, we don't see much reason for either a decrease or an increase," said Mihkel Mark, head of business operations at Olerex.

Fuel prices at gas stations are primarily determined by the global price of oil, and no significant increase is forecast.

"The main market outlook is that the price will likely stay around $75 per barrel. That's OPEC's goal. What contributed to the recent price drop was OPEC's desire to increase production capacity. However, when the price fell below $70 per barrel, they realized they could easily delay raising production, which has again supported prices," explained SEB economic analyst Mihkel Nestor.

According to Nestor, the current market is influenced by a price war between OPEC and non-OPEC oil producers, particularly the United States.

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