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Monday 30.03.2020 | Name days: Nanija, Ilgmārs, Igmārs
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Neste Latvija: fuel excise tax rise to affect all sectors

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

Fuel excise tax rise will have a direct impact on fuel prices, which in turn will boost costs of other sectors as well, Neste Latvija general manager Arttu Airiainen told the business portal Nozare.lv.

He explains that many ordinary drivers, carriers and food will feel the impact of it. Price gains will not boost consumption and we can expect a shrinking demand instead of a growing one, Airiainen says.

He forecasts if oil hovers around 100 US dollars (51 lats) a barrel, fuel prices in Latvia could stick to 80-85 santims per litre, of course, if the excise is not raised. However, as the law on increasing the excise is not yet adopted, it is too early to speculate with specific figures on the price after the tax rise. Fuel price is to climb for at least the increased excise tax, according to Neste Latvija general manager.

The expert believes if protests are to spread also to countries around Egypt, global fuel prices could climb above 100 US dollars (51 lats) a barrel.

As long as the situation is not stable in Arab countries and the future of the Suez Canal is unclear, global oil prices will be affected, Airiainen says.

He stresses the last time oil prices hit that high was in the autumn of 2008.

Airiainen took the post of Neste Latvija general manager on January 27 by replacing Christian Hällund, who had been fulfilling the duties since August 2008.

SIA Neste Latvija is a subsidiary of a Finnish refining and marketing company Neste Oil Oy, operating in Latvia for 20 years already. Finland holds 50.1% of the shares in Neste Oil .

The company is operating fuel retail, fuel and solvent wholesale, as well as oil products storage and handling at Riga terminal. Since the beginning of its activities in Latvia, the company has invested more than 40 million lats in the state. Neste A24 petrol station network in Latvia consists of 52 stations.


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  1. esti says:

    fuel prices always have an effect on different matters, that’s only logical..

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