Oil Prices in Iceland among the World’s Highest Skip to content

Oil Prices in Iceland among the World’s Highest

Icelanders have to pay the highest price in the world for diesel and the third highest for gasoline according to a new survey.

A report by the German organization Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) reveals that one liter of gasoline costs USD 1.86 in Iceland. Only Turkey and Eritrea have higher gasoline prices, USD 1.88 and 1.90, respectively. In comparison, one liter of gasoline costs USD 0.63 in the US and USD 1.63 in the UK. Diesel prices in Iceland are the highest in the world with USD 1.78 per liter. (The prices are from November 2006).

In an interview with 24 stundir daily, Runólfur Ólafsson, director general of the Icelandic Automobile Association, says that heavy taxation, a small market and lack of competition are the root causes for high oil prices. He criticizes Icelandic authorities for failing to protect the interests of the public.

The cheapest prices of oil are to be found in Turkmenistan. One liter of diesel costs USD 0.01, while for gasoline the Turkmens pay USD 0.02.

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