Diesel prices overtake petrol

The price of diesel is now higher than that of petrol.

“This has happened a couple of times before in Denmark, but this is the first time we’re seeing this in the Faroes as far as I know,” says Janus Thomsen, CEO of oil company Effo.

He mentions two main reasons for the high diesel prices.

Firstly, many users are turning to diesel or oil as alternatives to gas, which has seen skyrocketing prices since Russia invaded Ukraine.

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“This has led to rising demand for diesel, and the prices we’re seeing now are a reflection of that.”

Another key reason for the rising diesel prices is a drop in supply as Europe is weaning itself off Russian energy.

“A lot of the total diesel supply comes from Russia. As this supply is decreasing, the prices go up. In the short term, perhaps diesel will remain slightly more expensive than petrol, but it’s difficult to predict anything in the long term.”

Read the Faroese version of this article here.

More Faroese News in English.