Gas Prices at All-Time High Skip to content

Gas Prices at All-Time High

Gas prices hit a record high in Iceland. The price for one liter of gas increased by ISK 2 last week, but by ISK 6-7 two days ago. The price for one liter of gas is now ISK 170.4 (USD 8.44 per gallon, EUR 1.43 per liter) and ISK 186.8 for diesel (USD 9.25 per gallon, EUR 1.57).

“After carefully going over last week’s figures, it was our decision to raise the price” Magnús Ásgeirsson, purchasing manager at N1 gas station network told mbl.is.

Ásgeirsson believes this raise is related to the depreciating US dollar and the world price of oil. “One of the explanations of the rising world market price of oil is the words of an Israeli minister who said it to be unavoidable to invade Iran,” Ásgeirsson said.

Due to increasing gas prices, traffic on Icelandic roads has declined since last weekend according to Sigurdur Ingi Jónsson, the CEO of Spölur, the company which operates the tunnel under Hvalfjördur fjord, one of the most heavily trafficked routes out of Reykjavík. For the first time since the Hvalfjördur tunnel was opened in 1998, its traffic has declined.

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