Fuel prices in Estonian gas stations will drop by a further five cents per liter due to the fall in global oil prices and the trade war between China and the U.S.
The global oil price has dropped by 16 percent in a week. Prices at gas stations have not fallen by as much, but fuel retailers confirm that will happen soon.
“The price has already come down by about 3.5 cents. We cannot say which way the global market price will go. If there are major shifts in Trump’s messaging, the price could turn upward again, but if the global market price continues to fall, then of course gas station prices will also move downward,” said Kert Aader, motor fuels category manager at Circle K.
Alan Vaht, board member at Terminal, told “Aktuaalne kaamera” that fuel retailers are often accused of being slow to lower prices.
“That is actually not true. If we look at fuel price trends over the past 30 days, prices at gas stations have lagged behind global market prices by up to 8 cents. Given today’s drop in the global market, we could see gasoline prices around €1.55 per liter,” he said.
More read: ERR.EE