On Monday, Estonian gas stations reported a new increase in fuel prices, primarily attributed to the rising price of crude oil, which soared to $115 per barrel due to conflicts occurring in the Middle East. This rise marks the highest oil price since the surge following the outbreak of the Ukraine war in 2022, indicating a significant impact on fuel costs for consumers.

As of Monday afternoon, the price of 95 octane petrol was €1.759 per liter at Circle K and €1.799 at Olerex, a notable increase from the previous Friday's prices which ranged from €1.554 to €1.649 depending on the location. Similarly, diesel prices saw a substantial jump, with Circle K charging €1.879 and Olerex €1.899 per liter, compared to last Friday's prices that varied between €1.654 and €1.729 at Circle K, showcasing an overall trend of rising fuel costs across the board.

Indrek Sassi, the pricing manager for motor fuels at Circle K, pointed out that the primary catalyst for the price increase has been the geopolitical instability in the Middle East. This situation not only affects fuel prices in Estonia but also signals broader economic repercussions as rising fuel costs can lead to increased prices in other sectors, affecting overall inflation and cost of living for Estonian consumers.