High oil prices earlier this year led to falling fuel consumption in all three Baltic states Vice President of Neste Oil Retail Panu Kopra said.
When asked for the price ceiling where people could not longer afford fuel, Kopra told the newspaper Dienas Bizness that he believes petrol consumption will drop, as the ceiling has already been reached in all three Baltic states, the Baltic News Network reported.
Moreover, people in Lithuania are now switching to liquefied propane gas, which is cheaper. The first quarter’s rising fuel prices damaged consumption in Latvia, Lithuania and Estonia, he pointed out adding that hopefully prices would fall and the economy would recover leading to higher consumption.
The Neste boss said he expects a rise in the number of unmanned fuel stations because higher profits can be made while the consumer gets a better price.
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