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Gas Prices on the Rise

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Gas Prices on the Rise

Photo: Alëx Elliott.

The price per liter of gasoline has increased by just over 18% in the last year, RÚV reports. According to a recent survey conducted by the Icelandic Automobile Association (FÍB), the cost of gasoline per average family car is therefore around ISK 60.000 [$559; €482] more per year than it was at the same time last year.

According to FÍB figures, a liter of 95 octane gas obtained at a self-service pump cost ISK 193 [$1.80; €1.55] in June 2017. The price has increased steadily over the year and is now at ISK 228 [$2.13; €1.83] per liter. This represents an almost 18% increase in one year.

FÍB director Runólfur Ólafsson mainly credits the jump to increases on the global market, as well as tax increases on both regular and diesel gasoline that went into effect at the end of last year. He also notes that the krónur has weakened in comparison with the American dollar over the last month. “But first and foremost,” he noted, “this is an increase in prices on the global market.”

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