Highest petrol prices since 2012

12.10.2021 - 05:57
Highest petrol prices since 2012
Increased demand and stagnant supply of oil have pushed prices up to a nine-year high in the Faroes

Many countries are reopening after their Covid lockdowns, and that has created a surge in demand for oil across the world.

But oil supplies remain unchanged, and this has pushed prices up, says Leif Hovgaard, sales manager of oil supplier Magn.

Magn’s current petrol prices are around DKK 11 per litre.

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Hovgaard says it is difficult to make accurate price comparisons over long periods due to factors such as inflation, but in 2014, one litre of petrol cost DKK 10.89, and in 2012 it cost DKK 11.65.

“Normally, when the price of oil goes up, the US dollar goes down, but this is not the case now. The dollar is much stronger today than in 2014 and 2012, and this has a big effect on fuel prices in the Faroes.”


Read the Faroese version of this article here.

Translated by prosa.fo.

More Faroese News in English.

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