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Published: 19 March 2015

Prices of oil products decreased in the last quarter

The clear drop in the import prices of oil affected the decrease in consumer prices of liquid fuels in the last quarter of the year. The prices of the Nordic Power Exchange remained on a lower level than last year, which contracted the prices of electricity for enterprise and corporate clients. According to Statistics Finland's data, the prices of domestic fuels rose slightly from the year before.

Fuel prices in heat production (Corrected on 23 March 2015)

The drop in the world market prices of crude oil has had a direct impact on the price of crude oil imported to Finland. This was visible as an accelerating drop in consumer prices towards the end of the year. In the last quarter, the prices of petrol and diesel oil were on average five to six per cent lower than one year earlier. The corresponding drop for light fuel oil was 12 per cent.

The world market price of oil also affects the price of natural gas. The price of natural gas used in heat production decreased by four per cent in the last quarter of the year. Among home produced fuels, the price of milled peat increased by one per cent and that of forest chippings by two per cent, which partially affected the increase in the price of district heating by two per cent. The price of wood pellets used by consumers decreased by around five per cent.

Nordic water reserves were almost at average levels in the last quarter of the year. The system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange was approximately 14 per cent lower than one year earlier. Due to electricity transmission restrictions, the Finnish area price remained almost 20 per cent higher than the system price but was still on average eight per cent lower than last year. The prices of electricity for households remained close on last year's level. The prices for enterprise and corporate clients fell by three to eight per cent depending on the user group.

Source: Statistics Finland, Energy prices

Inquiries: Ville Maljanen 029 551 2691, energia@stat.fi

Director in charge: Leena Storgårds

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Appendix tables

• Appendix table 1. Energy taxes, precautionary stock fees and oil pollution fees (19.3.2015)
• Appendix table 2. Energy prices in heat production in December 2014 (19.3.2015)
• Appendix table 3. Prices of heating energy in December 2014 (19.3.2015)

Figures

• Appendix figure 1. Import prices of oil (19.3.2015)
• Appendix figure 2. Consumer prices of principal oil products (19.3.2015)
• Appendix figure 3. Fuel prices in heat production (Corrected on 23 March 2015) (19.3.2015)
• Appendix figure 4. Fuel prices in electricity production (19.3.2015)
• Appendix figure 5. Price of electricity by type of consumer, c/kWh (19.3.2015)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (19.3.2015)

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Updated 19.3.2015