N1 Lowers Fuel Prices in Iceland for One Day Skip to content

N1 Lowers Fuel Prices in Iceland for One Day

Oil company N1 offered an ISK 25 (USD 0.33, EUR 0.21) discount on a liter of their gasoline and diesel at all their stations across Iceland on Wednesday. Other oil companies followed their example and also lowered their gas prices for one day.

“We wanted to conclusively enter the discussion on fuel prices in Iceland,” Gudjón Audunsson, managing director of N1’s company division, told Morgunbladid, adding that their sale of gas tripled compared to an average day on Wednesday.

Audunsson said the reason for the rising fuel prices in Iceland is the extensive increase in the world market price of oil and the currency of the USD. “That is causing the sky-high prices of fuel in this country and nothing else. […] We simply want to draw attention to this fact.”

Recently professional drivers have been protesting high gas prices and demanding the government lowers its tariffs on fossil fuels.

Audunsson said he was very pleased with the attention N1 received from both car owners and the media on Wednesday. “I wish we could continue [with such low gas prices] but then we wouldn’t be running this business for much longer.”

Audunsson added that if the world market fuel prices dropped and the USD depreciated, gas prices in Iceland would be lowered immediately. “No product is priced as transparently as fuel. Everyone can log on to the internet and follow the world market price of fuel and the currency rate of the dollar.”

Ironically, the day before N1 offered the discount on fuel, Shell announced in a fake news story in Fréttabladid that they would be lowering the price of their liter of gas by ISK 50 (USD 0.67, EUR 0.43) to fool people on April 1.

Click here to read more about that story.

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