Neste Latvija: Leading Fuel Retailer in Latvia Navigates Geopolitical Risks

Neste Latvija remains the leading petrol retailer in Latvia, a position held through the first nine months of 2024, according to the State Revenue Service and its Excised Goods Department [1]. The company’s continued dominance comes amidst a backdrop of geopolitical instability and fluctuating fuel prices.

Company Overview

Neste Oy, a Finnish energy company, began operations in Latvia in 1990 with the establishment of the joint venture SIA Latvian Traffic Service [4]. The first Neste fuel station in Latvia opened in December 1991. Further expansion led to the creation of SIA Neste Oil Latvia in 1993 and SIA Neste Oil Terminal in 1995. These subsidiaries merged in 1998 to form SIA Neste Latvija, which is wholly owned by Neste Oil Finance B.V. [4].

Neste Latvija’s primary activities include the storage and trade of petroleum products. The company offers a range of services, including retail fuel sales through its automated stations, wholesale fuel, aviation fuel, and solvent distribution, as well as storage, loading, and unloading of petroleum products at its Riga terminal [4]. The company operates in accordance with internationally recognized quality, environmental, health, and safety standards, holding ISO 9001, ISO 14001, and ISO 45001 certifications [4].

Fuel Prices and Market Influences

Representatives from Neste Latvija have stated that fuel prices are influenced by a multitude of factors, including world market prices, exchange rates, taxes, and local competition, all compounded by global events [2]. This complexity makes accurate predictions of future price developments challenging.

Geopolitical Impact and Supply Security

Despite recent geopolitical risks, including reported strikes between Israel, the US, and Iran, the availability of fuel in Latvia is currently not in danger [2]. However, Ligere noted that the extent of any fuel price increase remains uncertain, dependent on fluctuations in stock exchange prices and the restoration of safe tanker movement [2].

Contact Information

For invoicing, Neste Latvija can be reached at:

• Paper Invoices: SIA Neste Latvija, Bauskas Street 58a, LV-1004 Riga [1]
• PDF Invoices: SIANesteLatvija@bscs.basware.com [1]

General inquiries can be directed to: neste.latvija@neste.com [3] or by phone at +371 80 009 006 [3]. The company’s address is Bauskas iela 58a, Riga, Latvia [3].