In Lithuania, fuel prices have been on the rise, particularly for diesel, marking the largest difference between diesel and petrol prices observed since the beginning of 2023. As of March 4, the wholesale price of petrol increased by 0.06 Eur/l (4.6%) compared to the previous week, while the price of diesel surged by 0.23 Eur/l (15.4%). The growing prices reflect a trend not seen for three years, increasing concern among consumers and analysts alike.

The average price of Brent crude oil averaged 71.3 USD/bbl in the last week of February, indicating a slight uptick of 1.9% from the previous week but a decrease of 3% compared to the same time last year. However, recent events in the Middle East have triggered a price escalation, with oil prices climbing to 77.8 USD/bbl on March 2 and reaching 81.4 USD/bbl by March 4. This price leap marks the first time since mid-January that oil prices exceeded the 80 USD/bbl threshold, raising alarms over potential further inflation in fuel costs in Lithuania.

As fuel prices continue to rise, various stakeholders are warning about the implications for the economy and consumer spending. With the current average prices for petrol at approximately 1.50 Eur/l and diesel at 1.62 Eur/l, the concern regarding the affordability of transportation and associated goods is palpable. The situation is being closely monitored as the Lithuanian populace braces for the potential impacts of these changing dynamics in fuel costs.