Prices of electricity, oil fall but district heat rise in Q3

The prices of natural gas, liquid fuels and electricity for the biggest users of electricity decreased in the third quarter of 2023 compared to the corresponding period in 2022, according to Statistics Finland.

The prices of forest chippings and milled peat of domestic fuels, however, went up in the third quarter. The price of district heat also rose.

In September 2023, the consumer price of petrol fell by one per cent, that of diesel by five per cent and that of light fuel oil by eight per cent from one year earlier. The fall in prices has slowed down from the previous months.

The rise in the price of district heat has been stronger than before for a few years. In July 2023, the price was nine per cent higher for detached and semi-detached houses, 11 per cent higher for terraced houses and 14 per cent higher for blocks of flats than in July 2022.

For typical residents in blocks of flats, the total price of electricity remained almost unchanged and for those living in one-dwelling houses heated with electricity the price fell by four per cent in September 2023 compared to one year earlier.

The price of electricity for enterprise and corporate customers fell by 16 to 64 per cent depending on the consumption category.

The price of natural gas used in the production of electricity was 66 per cent lower in the third quarter of 2023 than in the third quarter of 2022, when the price of natural gas was exceptionally high.

The price of milled peat rose by 19 per cent in the third quarter of 2023 and the price of forest chippings increased by 20 per cent compared to the third quarter of 2022.