Latvia declares energy crisis in oil product supply by year end

RIGA - Latvia has declared energy crisis in oil product supply until December 31, according to the Cabinet of Ministers decree published on Latvijas Vestnesis official gazette.

The State Energy Crisis Centre is the responsible institution in charge of coordinating activities during the energy crisis.

During the energy crisis, the oil product reserves can be sold in the market and the holders of oil product reserves have the duty to prepare these products for utilization. At the same time, the licensed oil product retailers and providers of critical services may turn to the State Construction Control Bureau (BVKB), asking for a permission to purchase oil products from oil product reserves if oil products are not available in the market.

The decree will be implemented by the State Police and State Revenue Service, ensuring that oil products are not exported from Latvia and are handed out in line with decisions made by the BVKB.

The government on April 14 agreed that if necessary, fuel retailers and critical services providers will be able to purchase fuel from state reserves.

Economics Minister Janis Vitenbergs (National Alliance) said that such a decision provides for a solution in case there are any interruptions in the fuel market. At present Latvia has sufficient oil product reserves for 90 days.

At the same time, the minister said that at present the situation in the fuel sector is stable, no interruptions are predicted, but there are certain risks in relation to the geopolitical situation.