RIGA, March 20 (Xinhua) -- Fuel prices surged at fuel stations across Latvia on Friday driven by the ongoing conflict in the Middle East, the LETA news agency reported.
At fuel stations operated by Circle K Latvia, diesel was selling at 2.014 euros (2.316 U.S. dollars) per liter on Friday, an increase of 29.6 percent since Feb. 27, according to the report.
Meanwhile, the average price of octane-95 gasoline was 1.794 euros (2.063 dollars) per liter on Friday, a rise of 15.4 percent from Feb. 27, the report said.
The Latvian government has vowed to find possible solutions aimed at stabilizing fuel prices, which include a temporary reduction of excise duty on fuel and an excess profit monitoring mechanism for fuel retailers.
The United States and Israel launched massive attacks on Iran on Feb. 28, disrupting global shipping, sending oil prices soaring and shaking the global economy.
European gas and oil prices rose sharply in early trading on Thursday. The Dutch TTF benchmark, a key reference for European gas supply contracts, surged more than 30 percent to 70.7 euros (81.3 U.S. dollars) per megawatt-hour at the open, before easing to around 67 euros (77 dollars) per megawatt-hour. The price has more than doubled from around 32 euros (37 dollars) megawatt-hour before the conflict began.
Oil prices also moved higher. Brent crude, the international benchmark, rose to above 116 dollars per barrel in early trading on Thursday. ■
