Fuel prices in Finland rose sharply in March as global energy supply disruptions pushed costs higher across all major categories. Official figures from Statistics Finland show the steepest jump in light fuel oil, which increased by 41 per cent compared with February. Diesel prices rose by 16 per cent, while petrol climbed as well, with 95-octane up 10 per cent and 98-octane up 9 per cent.
The spike is linked to the conflict involving the United States and Israel against Iran, which disrupted international oil and gas transport routes. According to Statistics Finland, shipments through the Strait of Hormuz, a critical channel for global oil trade accounting for roughly one fifth of worldwide supply, slowed to near halt levels during March.
Kristiina Nieminen, senior statistician at Statistics Finland, said the market reaction was immediate. “Geopolitical risk in energy markets materialised in March when the United States attacked Iran. As a result, the transport of oil and natural gas through the Strait of Hormuz nearly stopped,” she explained.
The impact was visible in global benchmarks as well. Brent crude exceeded 100 dollars per barrel multiple times during the month, reflecting tightened supply. Nieminen added that the effect reached consumers quickly. “This was immediately reflected in national fuel prices. Drivers noticed higher prices at petrol stations toward the end of March,” she said.
Biogas prices also rose, though more moderately. Compressed and liquefied biogas saw company-level price increases of around 3 per cent.
Early data suggests that inflation in Finland accelerated during March. The harmonised index of consumer prices reached 2.4 per cent, up from 1.8 per cent in February. Statistics Finland said that fuel and heating oil prices were the largest contributors to this rise. The preliminary data does not yet account for changes in electricity transmission, long-distance transport fares, or mobile communication services. Final figures will be released on 14 April.
Statistics Finland calculates monthly fuel price averages based on prices collected throughout the month, excluding the final two days. Officials said these figures provide an early indication of how global oil market shifts affect domestic prices.
