In a recent interview on TV3's "900 Seconds," Latvian Economy Minister Viktors Valainis addressed the significant increase in fuel prices observed at gas stations, which has risen by 10-12 cents. This price hike has come in the wake of the escalation of conflict in Iran, leading to questions about the justification for such increases. Valainis indicated that the Competition Council of Latvia is paying attention to this issue and monitoring the situation closely, implying that the market may not be functioning in a competitive manner.

Valainis highlighted the sharp increase in oil prices in international markets and the immediate impact this has had on local fuel stations. He emphasized the importance of fair pricing practices among retailers, urging them to be transparent about their pricing strategies to regulators. If unfair commercial practices are identified, the Competition Council has the authority to impose severe penalties on those businesses. This reinforces the government's commitment to ensuring a fair marketplace for consumers.

Furthermore, the minister reassured the public that the relevant authorities would take necessary actions should the situation not improve. Valainis urged fuel retailers to be prepared to explain their pricing policies to the Competition Council, reflecting the government's proactive stance in protecting consumer interests amidst rising energy costs.