Global oil prices continue to rise, and along with them, fuel prices are increasing. The cost of fuel at gas stations in Latvia has already approached the levels of 2022, that is, after the start of the full-scale war in Ukraine.
The Consumer Rights Protection Center has been inundated with questions from outraged residents. A common question is: why have fuel prices increased so rapidly, given that fuel for gas stations was likely purchased before the crisis in the Persian Gulf, meaning at ‘old’ prices? Here’s what Alexey Shvedov, the strategic director of SIA Kool Latvija (a gas station network in Latvia), explained in an interview with bb.lv:
“Let’s start with the theory. The purchase price for fuel retailers is determined by a pricing formula (the so-called Platts quotation). And it is this that determines the price. On the morning of March 10, the last Platts quotation for…
