Petrol and diesel prices have dropped due to Trump’s trade war – expert says pump prices could fall further. Photo: Roni Rekomaa / Lehtikuva
- Previous Article Cable sabotage in Baltic triggers multi-million euro cost for Finland
- Next Article Finland marks Snellman Day with nationwide flag-raising
Petrol prices in Finland have fallen to their lowest level in years, with the cost of 95-octane fuel dropping below €1.60 per litre in parts of the country. The decline is being linked to volatility in global oil markets following renewed tariff threats from US President Donald Trump.
On Monday, fuel comparison site Polttoaine.com listed prices for 95E petrol under the €1.60 mark at several filling stations in the Helsinki region. According to Hanna Kalenoja, chief transport expert at the Finland Chamber of Commerce, this represents a return to price levels last seen in 2021.
“There’s typically a dip in prices around Sundays and Mondays, before a midweek rise,” Kalenoja said, noting that pricing patterns are influenced by delivery schedules and shifting weekday demand.
She added that weekend motorists often shop around for the best deal, while weekday drivers — especially those commuting for work — are more likely to fill up out of necessity, regardless of price.
Another factor affecting pricing is the relatively small number of fuel distributors operating in Finland.
“There’s close monitoring of competitor pricing. When one makes a change, others quickly follow,” Kalenoja said.
The current low prices follow a broader trend in declining oil prices. After spiking in response to the war in Ukraine and subsequent sanctions on Russian exports, global oil markets have seen a steady decline in prices due to stabilisation in supply and concerns over global demand.
Much of the recent drop is tied to concerns about global economic growth following trade tensions between the United States and China. Fears of an impending trade war have led to a marked reduction in oil price forecasts, with brent crude trading around USD 65 per barrel on Monday.
“Uncertainty around global trade is pushing down expectations for oil demand this year,” Kalenoja said.
Trump’s renewed threats of tariffs have added further pressure. Analysts believe this has already lowered consumption projections, contributing directly to falling prices.
However, prices may begin to recover slightly. Oil has edged up in recent days amid signs of progress in US-China trade talks.
“It now looks less likely that the worst-case scenario will happen. If talks continue, a negotiated solution could prevent further disruption,” Kalenoja said.
While OPEC countries have been limiting production to keep prices high, some producers have signalled intentions to increase output in the coming months. This is expected to keep pressure on prices in the short term.
Still, any resolution to trade conflicts or signs of economic recovery could increase demand, potentially reversing the current trend.
“There’s no major concern right now over the global supply of oil,” Kalenoja added. “If no new production risks emerge, prices are expected to rise slightly in the coming years.”
HT
- Previous Article Cable sabotage in Baltic triggers multi-million euro cost for Finland
- Next Article Finland marks Snellman Day with nationwide flag-raising
Source: www.helsinkitimes.fi
