The Competition Council's analysis reveals that fuel price increases in Lithuania align with trends in neighboring countries and the EU, suggesting no evidence of price collusion among gas stations.
The Competition Council of Lithuania recently conducted an analysis of publicly available data regarding the fluctuations in fuel prices both domestically and internationally. Their findings indicated that the prices of both gasoline and diesel have increased similarly in Lithuania as they have in neighboring countries such as Latvia, Estonia, and Poland, and these trends also reflect the average price increases observed across the European Union. For instance, between March 2 and March 9, average gasoline prices in these benchmark countries rose by 10.4% to 20%, while Lithuania's prices remained approximately 10% lower than the EU average of €0.825 per liter for untaxed fuel.
The Council emphasized that despite the observed price increases, the mere fluctuation in prices does not provide sufficient grounds to suspect potential price-fixing activities among fuel retailers in Lithuania. They noted that during the same timeframe, the average diesel prices increased by approximately €0.202 to €0.295 per liter, equating to a rise of between 26.5% and 33.1% across comparable markets. Such coordinated price increases, while significant, are placed within the context of regional and EU trends, indicating a broader market behavior rather than local collusion.
The Competition Council has assured the public that it will continue to monitor and analyze the dynamics of retail fuel prices in Lithuania to ensure market integrity and address any potential concerns. The statement reflects a commitment to transparency and vigilance in the fuel market, underscoring the importance of regulatory oversight in maintaining fair pricing for consumers amidst fluctuating global oil prices.
