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Friday 23.02.2018 | Name days: Haralds, Almants
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Latvija Statoil CEO: private sector to be hit if fuel price reaches one lat a litre

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU, Sandis Steins

Sandis Steins

If the price of 95-octane fuel amunts to one lat per litre, this will even further undermine the private consumer sector, explains Latvija Statoil CEO Sandis Šteins (Steins).

He points out it is possible to see over the last two and a half years private clients have reduced their route distances in weekends twice.

It is a cardinal change in the way of transportation, emphasizes Steins, adding it is difficult to say whether this trend will be ongoing.

Statoil Latvija head indicates this year the Latvian diesel segment will not report a fall and sales might even increase slightly, yet the fuel sales are slowly dropping.

In summer the activity will climb, but we must remember there was a different price level last year, but this year there is yet another one. The purchasing power has not increased, he says.

The Prime Minister says the economy is rising, all figures are positive; yet, our numbers show something different and Statoil is a good indicator, because we are operating in retail trade and know our customers – the fall continues from week to week. The market is only deteriorating. It seems as if the South African python has wrapped around a warm body, slowly strangling it, Steins says.

He explains whenever there are talks on high fuel prices, the government’s actions to increase the income of the people are not discussed. The excise and value added tax are being constantly raised, yet there are hardly any activities to generate more money for consumers, Steins points to the portal Nozare.lv.

In 2009, SIA Latvija Statoil turnover decreased by 24%, forming 260.465 million lats. The company’s after-tax profit was 1.2 million lats – 44% less than in 2008.

Latvija Statoil refuelling stations employ more than 17 000 people and approximately 2 000 employees are working at Statoil offices in Europe and other countries around the world.


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  1. Heidi says:

    A lat is huge sum for fuel, but it is coming.

    Thumb up 0 Thumb down 0

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