Due to the drop in crude oil prices on the world market, Estonian fuel sellers lowered the prices of motor fuels today.

Starting today, the new retail price of gasoline and diesel fuel at Circle K gas stations is 1.759 euros per liter. Previously, gasoline at 95 Circle K gas stations cost 1.799 euros/l and diesel 1.859 euros/l.

"At the moment, the price drop on the world market is mainly affected by the increased European stocks and the decrease in demand," said Indrek Sassi, head of motor fuel pricing at Circle K Estonia.

According to AS Alexela board member Tarmo Kärsna, the fuel prices at these service stations also fell. According to Kärsna, world market prices have been falling since the beginning of November. "The decline has mainly been driven by the decline in consumption demand, which has resulted from the ongoing restrictions in China due to the coronavirus and high inflation. "Prices in Estonian gas stations fell by 12 cents per liter during the month of November," he said.

"At the beginning of December, the markets were waiting to see what price ceiling the European Union and G7 would set for Russian oil, as well as what decision OPEC+ would make regarding production volumes and how the European Union embargo on Russian oil would affect the market. During this period, prices moved in both directions by day," said Kärsna.

According to him, OPEC+'s decision to continue oil production at the same level and Russia's oil price ceiling of $60 per barrel met the market's expectations, and these decisions did not result in an increase in market demand.