Latvia's Economics Minister has reassured citizens that there is no fuel shortage in the country, even as reports of significant increases in fuel prices continue. He highlighted that the recent price hikes are disproportionately rapid and called upon fuel retailers to clarify the reasoning behind each cent increase. During a recent statement, he noted a drop in global fuel prices during the night and expressed hope for this to reflect in local retail prices, suggesting they should have decreased by at least 10 cents by the morning.

The Minister, Valainis, warned that fuel retailers face scrutiny from regulatory bodies regarding their pricing practices. He stressed the necessity for transparency in price adjustments, asserting that retailers must provide justifications for any increase to avoid perceptions of greed. If rising prices become a long-term trend, Valainis indicated that the government is considering reducing excise taxes as a measure to cushion the economic impact on citizens due to rising living costs.

Valainis also pointed out that should the price rise persist beyond two weeks, it could contribute to inflationary pressures, potentially leading to a spiraling increase in costs. He emphasized the government's commitment to mitigating these pressures, indicating readiness to act swiftly to implement necessary measures.