The task of the Estonian Stockpiling Agency is to ensure that we have sufficient supplies of gasoline, diesel, and natural gas, as well as aviation fuel. A large share of the world's oil moves through the Persian Gulf, which is why the International Energy Agency and its member states — including Estonia — decided in spring to release some reserves.

The head of the Stockpiling Agency, Ando Leppiman, said Estonia's fuel reserves are currently in good condition and the volumes are quite large.

"We have state‑owned operational fuel reserves, and we also collect information on how much fuel companies or importers have in stock. As of the end of August, we had enough gasoline and diesel for nearly 120 days," Leppiman said.

Leppiman added that Estonia has not yet repurchased the fuel it released to the market in March. Reserves will be replenished once prices fall. It is difficult to say when that might happen, as the Middle East crisis has not yet ended.

Leppiman is currently in Croatia at the annual meeting of fuel‑reserve agencies. According to discussions at the meeting, the biggest problem has become the limited availability of diesel, which has driven diesel prices to record levels.

In addition to state reserves, Estonian fuel companies have their own commercial stocks. Alan Vaht, member of the management board of the fuel company Terminal, explained that retail fuel inventories generally cover one to seven days of consumption.

"That is the only reserve retail fuel chains have," Vaht said. "It is mistakenly assumed that the chains have huge reserves somewhere in fuel terminals. That is simply not true."

There is no fuel shortage expected at Estonian fuel stations. The reason reserves are kept small is that no one wants to store fuel at today's high prices. In the coming months, fuel prices may fall — and then the fuel would have to be sold off at the lower price.

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