Lithuania expects quick impact from oil reserve release - PM

VILNIUS - As Lithuania plans to release oil and fuel reserves to mitigate rising fuel prices, Prime Minister Inga Ruginiene said on Monday the move should have an effect soon and help stabilize costs.

"We finally have a decision that we can release oil reserves, and we intend to do so. The effect should be felt in the near future, as this was done more than a decade ago and successfully helped regulate prices," Ruginiene told reporters.

She also instructed the Finance Ministry to present proposals on how to effectively manage price increases at the national level.

Earlier on Monday, Deputy Energy Minister Gabrielius Gorbacevskis said Lithuania would release both oil and fuel reserves to reduce fuel prices, which have surged due to the conflict in the Middle East.

The reserves would be used by reducing the amount of oil and petroleum products companies are required to hold, while state-owned reserves would not be used.