Lithuania plans to release approximately 80,000 tons of fuel reserves to stabilize prices, which could decrease diesel prices by 10–15 cents per liter.
Lithuania is set to release around 80,000 tons of fuel reserves, which represents about 12 days' worth of the nation's total reserves exceeding 90 days. The initiative, as stated by Minister Ž. Vaičiūnas in Brussels, aims primarily to stabilize prices, particularly for diesel, which has seen a significant price increase. He noted that if about 40–50 percent of these reserves are released to daily supply, it could have a considerable impact on the price of diesel fuel, potentially lowering it by 10-15 euro cents per liter.
The key discussions regarding the release of these reserves will take place this week, including consultations with market participants such as “Orlen Lietuva,” the entity managing the country's fuel reserves. The final decisions on how much and in what proportions the fuel reserves will be released are expected to be made after evaluating the market dynamics. The minister highlighted the importance of finding the right balance in the release quantity, as larger releases could significantly affect prices but might only result in short-term benefits.
This move comes amidst rising fuel costs, and the government's intention is to alleviate the financial burden on consumers while maintaining a strategic fuel reserve. The decision showcases Lithuania's proactive approach in addressing market challenges and ensuring that fuel prices remain manageable for the populace, reflecting a broader trend of government intervention in energy markets when faced with rising prices.
