Latvian Prime Minister Evika Siliņa announced during a joint press conference with President Edgars Rinkēvičs that the excess profit tax intended for fuel traders will be significant, although specific rates are still to be determined. She emphasized the importance of such a safety measure to ensure that end consumers receive the desired outcomes in fuel pricing and availability. Without this approach, consumers may not experience any meaningful price reductions despite government efforts to stabilize the market.

Siliņa criticized the notion that the government should simply reduce excise duties on fuel without ensuring that these benefits are passed on to consumers, highlighting the risk that the savings may not be felt at the consumer level. She implied that the system in place needed to guarantee fairness and transparency while assessing the appropriate tax rate to minimize unintended consequences in the market.

The government has conceptually agreed on possible solutions for stabilizing fuel prices, including tax relief on excise duties and mechanisms for monitoring excess profits. A decision regarding specific regulations is expected to be made in the next government meeting, indicating ongoing efforts to address the complexities of fuel pricing in Latvia.