Energy, Legislation, Lithuania, Oil, Transport
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Thursday, 28.03.2024, 15:19
Lithuanian president urges government to increase competition in fuel market
According to the president, the lack of competition in Lithuania prevents fuel prices from decreasing even though oil prices have reached record lows globally.
"It seems that oil and fuel prices should be directly related, but there are many hurdles before oil and fuel reaches the Lithuanian market, i.e. many restrictions and very little competition, thus prices remain high. But this indeed is in the hands of the Government. Not only excise, not only taxes, but creation of better competitive conditions for fuel, not necessarily oil, to enter the Lithuanian market. This should be the Government's concern and it could do a lot itself," the head of state told journalists.
Brent oil price has reached the lowest level in 2015 and amounts to USD 43 per barrel. Most frequently used 95 octane petrol in Lithuania cost EUR 1.176 per litre on Monday, while diesel – EUR 1.060 per litre.