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Finland’s 2020 petrol prices at lowest level for a decade

The coronavirus crisis and a Saudi Arabia-Russia price war kept the average cost of fuel down throughout last year.

Teiskontien Nesteen huoltoasema.
The price of 95 octane petrol dropped to below 1.30 euros per litre during the summer. Image: Antti Eintola / Yle

The price of a litre of 95 octane petrol in Finland last year dropped to its lowest level for a decade, despite a rise in the rate of tax on fuel which looked set to cause a jump in the cost to 1.70 euros.

Instead, the average price of 95 octane remained at around 1.40 euros and even dropped to 1.20 euros at its lowest price point.

This meant that motorists in Finland paid about the same amount for fuel in 2020 as they did in 2010.

A similar predicted increase in the price of diesel, to 1.60 euros per litre, did not happen as prices remained stable throughout 2020.

A price war between Saudi Arabia and Russia, triggered by Russia's refusal to reduce oil production in order to keep prices for oil at a moderate level at the beginning of the coronavirus outbreak, contributed to the lower price for consumers.

The ongoing conflict kept petrol prices down throughout 2020.

Earlier this week, Saudi Arabia said it would unilaterally cut 1 million barrels a day of crude production starting from next month, which may have an impact on the price at the pump.

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