Price of Fuel in Iceland Reaches New High Skip to content

Price of Fuel in Iceland Reaches New High

Diesel fuel and petrol has never been more expensive in Iceland than now, after local oil companies Skeljungur (Shell), N1 and Olís decided to raise the liter price of diesel by ISK 2 (USD 0.03, EUR 0.02) and the price of petrol by ISK 1.50 (USD 0.03, EUR 0.02) on Wednesday.

A liter of diesel is now priced at ISK 135.40 (USD 2.29, EUR 1.58), and a liter of petrol costs ISK 134.70 (USD 2.28, EUR 1.57), Fréttabladid reports.

According to managing director of the Icelandic Automobile Association (FÍB) Runólfur Ólafsson, car owners were charged ISK 11 (USD 0.19, EUR 0.13) more last October than last April because of the markup on petrol.

In a period of 12 months, that difference in price amounts to more than ISK 2 billion (USD 34 million, EUR 23 million), Ólafsson stated. “Every króna paid for excess markups means ISK 200 million [USD 4 million, EUR 2 million] taken from the pockets of consumers.”

Ólafsson said that now there is a stronger reason than ever to look for the best price on the fuel market. “But it is difficult in such a homogeneous market where everyone seems to be chasing after the biggest players.”

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