Lithuanian energy minister says fuel prices hostage to global events

Lithuania is unlikely to face diesel shortages in the near term despite turmoil in the oil market caused by the Middle East conflict, Energy Minister Žygimantas Vaičiūnas said, adding that fuel costs are heavily influenced by shifts in the global market.

Speaking to reporters, Vaičiūnas stressed, “At the moment, Lithuania will not have problems with fuel,” noting that countries reliant on aviation fuel face the greatest difficulties, Caliber.Az reports per Lithuanian media.

He added that any short-term drop in fuel prices following the temporary ceasefire between Iran, Israel, and the United States will not appear immediately, but is expected in two to three weeks. 

The minister also warned that market conditions remain unstable, stating, “We are more like hostages of global events.”

Vaičiūnas emphasised that restoring stability to the energy market will take time. “The situation in the Strait of Hormuz has effectively removed most tankers from the supply chain. Until the market recovers and reserves are rebuilt, tension persists,” he said.

By Jeyhun Aghazada