Estonian fuel retailers raised prices late this morning, with gasoline increasing to €1.949 per liter and diesel to €2.169 per liter. As recently as Friday, a new record had been set (€2.079 per liter); the previous record dated back to March 9, 2022, when the price of diesel rose to €2.059 per liter.

Gasoline 95 and 98 cost more than €2 per liter back in the summer of 2022.

The main reason for soaring prices lies in damaged energy infrastructure in the Middle East and the fact that the strategically crucial Strait of Hormuz, through which one-fifth of the world's oil flows, is largely closed.

Latvia plans to lower duty on diesel by 15%

The Latvian government will discuss a draft bill prepared by the country's finance ministry on Tuesday that would lower the excise tax on diesel fuel by approximately 15 percent.

Under the proposal, the excise rate on diesel fuel would be reduced from €467 to €396 per 1,000 liters.

The ministry noted that, following the reduction, Latvia would have the lowest excise rate among the Baltic states. Currently, the lowest diesel excise rate in the Baltics is in Estonia — €428 per 1,000 liters — while in Lithuania it stands at €553.6 per 1,000 liters.

Estonia recently scrapped a planned motor fuels excise duty hike.

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