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The Competition Authority believes more supervision and transparency are needed to ensure fair prices in Estonia's fuel market. One solution could be an independent real-time price comparison portal.
Director General of the Competition Authority Evelin Pärn-Lee said an analysis carried out by the agency enables the creation of data that can be used to compare what is happening on the market. It can also be used to improve competition.
"The data collected show that the wholesale market for fuels is clearly duopolistic and the retail market oligopolistic, while whether there may also be collective dominance in the retail market can be left open for the time being," said Pärn-Lee.
In Estonia, mainly three types of fuel are sold: gasoline 95, gasoline 98 and diesel fuel and the market is small and concentrated. This is mostly due to high entry barriers. The density of the gas station network is one of the highest in Europe.
The Competition Authority wrote that the market is stable and security of supply is ensured. However, fuel companies are closely connected, which allows competitors in the retail market to cooperate in the wholesale or storage market.
War anxiety hiking world market oil prices
Pricing is connected to the world markets, but price changes at the local level are often slower. Entrepreneurs operating in the market have a good overview of what is happening, including monitoring competitors' prices and adjusting postal prices accordingly.
The agency suggested, in a bid to increase transparency, that real-time prices could be compared on an independent portal.
An institution should also be tasked with monitoring the fuel market at the national level. This would enable quick intervention if necessary, protecting consumers from price increases and market abuses.
"The implementation of the recommendations could contribute to creating a better competitive environment that protects consumers' interests and ensures fair pricing across the market," said Pärn-Lee.
The Competition Authority has mapped the motor fuel industry between 2019-2022 for its analysis. It aimed to better understand operations, identify possible competitive failures, and offer measures that promote competition
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