Higher excise duties now affecting fuel retail price ({{commentsTotal}})

Fuel prices at a Neste gas station, Jan. 9, 2017.
Fuel prices at a Neste gas station, Jan. 9, 2017. Source: (Siim Lõvi/ERR)

Fuel marketer Neste raised its price per liter of gasoline by 7 cents to €1.319 on Tuesday. This increase marks the point in time where the higher fuel excise duties that entered into effect on Jan. 1 are affecting the final price.

Neste raised its price per liter of gasoline to €1.319 on Tuesday, with the price per liter of diesel at 1.299. A second company, Olerex, has already announced an impeding price increase as well.

Member of the management of fuel marketer Alexela, Alan Vaht, confirmed that the higher excise duties are behind the sudden increase. He also pointed to world oil price projections for 2018, predicting that due to the OPEC's price policy as well as the United States' difficulties in its attempt to increase production could mean that the barrel price for Brent could climb to $80, which would translate into gas prices in Estonia of €1.45.

Neste's communications director, Risto Sülluste, said last week that both the higher excise rate as well as the impact of the world oil price would materialize in Estonia's retail gas prices some time this week.

His prediction included a per-liter price of more than €1.30.

Current prices are still below the all-time record of the period from January 2012 to October 2014, when the price per liter at times reached €1.46.

Editor: Dario Cavegn

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