Price of Gas Increases in Iceland Skip to content

Price of Gas Increases in Iceland

All oil companies in Iceland have increased their liter price of gasoline by ISK 5 (USD 0.04, EUR 0.03). The most common liter price of gasoline in self-service outlets is now ISK 192 (USD 1.53, EUR 1.06). Last weekend new laws on higher fuel prices went into effect.

Photo by Páll Stefánsson.

Magnús Ásgeirsson, purchasing manager of fuel at the oil company N1, told Morgunbladid that there are two reasons for the price increase: the new laws, which raised the value added tax on fuel to 25.5 percent, and a rising world market price of oil.

“The price of fuel has increased by ten percent since December 23,” Ásgeirsson stated.

A price increase in gas because of a special carbon emission tariff, which is part of the government’s extensive changes to various tariffs and taxes, won’t be introduced until new fuel supplies have been cleared by customs.

Click here to read more about the new taxation system.

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