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Faroes feeling impact of rocketing oil prices
Faroes feeling impact of rocketing oil prices
About 85 percent of total onshore and offshore energy use in the Faroes is oil-based
Magn’s fuel rates yesterday hit DKK 13.01 per litre of petrol and DKK 11.21 per litre of diesel. Oil for household consumption was yesterday priced at DKK 10,475 per 1,000 litres
09.03.2022 - 11:33
The global price of oil is skyrocketing, spiking to a 14-year high of $140 per barrel yesterday, as a result of Russia’s invasion of Ukraine.
In response to western nations planning to ban Russian oil imports, Russia has warned that oil prices may reach as high as $300 per barrel.
“We use a lot of oil in the Faroes, and with the price reaching $140 and possibly higher, we will definitely be feeling the impact of the rising prices,” says Finn Jakobsen, CEO of Faroese oil firm Magn.
“If the situation does not improve soon, it will be incredibly expensive to keep our society running.”
Read the Faroese version of this article here.
Translated by prosa.fo.
More Faroese News in English.
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