HELSINKI, Oct. 30 (Xinhua) -- Diesel prices in Finland reached a record high in October, surging 54.7 percent from a year earlier as the Middle East conflict continued to disrupt global energy supplies.
Statistics Finland said on Friday that the average retail price of diesel had climbed to 2.49 euros (2.79 U.S. dollars) per liter, surpassing the previous record set in June 2022.
Other fuel prices also rose sharply. The average price of 95-octane petrol reached 2.28 euros (2.55 dollars) per liter, up 33.3 percent year-on-year, while 98-octane petrol rose 31.5 percent to 2.38 euros (2.66 dollars). Light fuel oil surged 70 percent to 2.04 euros (2.28 dollars) per liter.
The conflict in the Middle East, which began with airstrikes by the United States and Israel on Iran in late February, has disrupted oil shipments through the Strait of Hormuz, a vital route for global energy trade.
Kristiina Nieminen, a senior statistician at Statistics Finland, said that oil continues to reach global markets despite the conflict, but transport-related uncertainty is affecting supplies and driving up consumer prices.
Citing the International Energy Agency (IEA), Nieminen said the global oil market is expected to remain in deficit through the end of 2026. Meanwhile, shortages of middle distillates, including diesel, could persist well into 2027.
Further price pressures could also emerge as winter approaches. Hanna Kalenoja, a transport expert at the Finland Chamber of Commerce, told Finnish public broadcaster Yle that demand for diesel and heating oil would increase with the start of the heating season.
The surge in diesel prices is also raising concerns about broader economic consequences. Ville Kaitila, a senior researcher at the Finnish economic research institute Etla, told Yle that commercial transport prices have already begun to rise.
He warned that higher transport costs could eventually feed inflation, increase wage pressures, weaken Finland's cost competitiveness and affect exports. ■
