The price of heating in Lithuania in October will be about 100% higher than in the same month last year, according to the International Biofuel Exchange Baltpool.
“The price changes are mainly influenced by the energy crisis in Europe caused by the war in Ukraine: the suspension of biofuel imports from Belarus has doubled the price of biofuel in Lithuania to 46 euros per MWh,” says Vaidotas Jonutis, head of trade at Baltpool.
“Natural gas price has risen at least 3-fold in a year, to 250 euros per MWh. We should be happy that Lithuania has switched its heating sector to biofuel in time, as this decision allows us to use four to five times cheaper fuel in our heating sector,” he added.
In September, Vilnius had one of the highest prices in the country at 17.56 eurocents per kWh, but in October it dropped to 9.70 eurocents due to the switch to the polluting fuel oil. Compared to October last year, the heating price in the capital is up by 62%.
According to Lithuania’s National Commission for Energy Control and Prices (VERT), the price of heating in October will increase by 140% in Kaunas and by 90% in Klaipeda compared to the same period last year.
Jonutis argues that the share of natural gas used in heating determines the price increase in different cities – the more gas cities use, the higher the heating price.
The final costs may still fluctuate, but the trend in biofuel prices suggests that a price peak has already been reached. (LRT/Business World Magazine)
