The Lithuanian Parliament has seen the introduction of new amendments to the Excise Duty Law aimed at reducing fuel prices, specifically gasoline and diesel. These measures are being proposed in light of the significant increases in fuel costs, which are expected to rise further due to ongoing tensions in the Hormuz Strait region. According to estimates, current diesel prices in Lithuania are about 2.1% higher than the average in European Union countries.

L. Savicko's analysis shows that in the past year, diesel prices have notably increased by 20.8% in Lithuania, one of the highest rates compared to neighboring countries, with Germany seeing an even steeper rise of 32.9%. The proposed amendments, if approved by the Seimas, could lead to a temporary decrease in fuel prices, with gasoline prices potentially dropping by approximately 4.9 cents and diesel by about 2.7 cents per liter, excluding VAT.

This legislative proposal is seen as a crucial step in stabilizing fuel prices and protecting citizens' purchasing power. The increase in oil prices not only affects consumers but also has a detrimental impact on businesses that rely on fuel. The measures are intended to alleviate these financial pressures and provide some relief to both individuals and enterprises in Lithuania amidst rising global oil costs.