Fuel prices in Latvia keep rising – diesel now above 2 euros per litre

Fuel prices in Latvia have continued climbing for several consecutive weeks. According to data compiled by the European Commission, the average price of diesel in the week of September 7–14 reached 2.096 euros per litre, up 2.3% from the previous week's 2.048 euros. Two weeks earlier, diesel had cost 1.952 euros per litre.

95-octane petrol is also getting more expensive. Last week its average price stood at 1.976 euros per litre, a 1.9% increase from the prior week's 1.939 euros. Two weeks before that, petrol cost 1.841 euros per litre.

Compared with the start of this year, petrol prices have risen by 31.1%, while diesel prices have climbed 40.7%.

Excise tax relief

Since April 1, Latvia's Law on Limiting Fuel Price Increases has been in effect, introducing temporary measures to soften the impact of rising fuel costs on residents and the economy. It lowered the excise tax rate on diesel from 467 to 396 euros per 1,000 litres, while marked diesel used in agriculture carries a rate of 21 euros per 1,000 litres. The reduced rate was originally set to apply until June 30, but parliament extended it through the end of the year.

Records

This year's diesel price record was set in the week of April 6–12, when the average litre cost 2.12 euros. The historic high for 95-octane petrol, 2.104 euros per litre, was recorded in June 2022, while diesel's previous record of 2.108 euros per litre was set in late June of that same year.