Fuel prices starting to drop

Crude oil prices have returned to pre-war levels, but consumers in the Faroes still pay about DKK 2 more per litre than before the war.

One reason for this is that prices changes in crude oil and in refined oil are not always directly correlated, explains Janus Thomsen, CEO of oil company Effo.

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“Oil prices have been declining over the past month. It is possible that the price will go up again, but if this declining price trend continues, we will soon be seeing lower prices at the pumps.”

The decreasing crude oil prices are primarily a result of rising interest rates and increasing oil supplies, he adds.

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On 25 February, the day after Russia invaded Ukraine, the pump price of a litre of petrol was DKK 11.84. Yesterday’s price was DKK 13.50. The petrol price peaked in June at around DKK 16 per litre.

Diesel sold at DKK 10.04 per litre on February 25, compared to yesterday’s price of DKK 12.45.

A litre of gas oil sold at DKK 9.30 on February 25, compared to DKK 11.71 yesterday.

Read the Faroese version of this article here.

More Faroese News in English.