Fuel prices in Norway continue to decline. On Tuesday, November 27, the cheapest liter of PB95 could be refueled at Circle K, which cost NOK 16,27. Economists point to several factors that determine the declining level of prices at Norwegian petrol stations.
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Several reasons for falling prices
In an interview with Nettavisen, Knut Hansen, Director of Communications at Circle K, gives several reasons for declining fuel prices in Norway. “First of all, the situation of crude oil on the markets is decisive. Factors on the side of suppliers and demand are also important. Probably an impact on fuel prices in Norway it also has the fact that the season of increased traffic in the US has ended.
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It's not just gasoline that gets cheaper
Not only gasoline price falls. It is also cheaper Dieselwhose price per liter hit its lowest level in many months. On Tuesday, November 27, it was reported that a liter of diesel cost money 16,06 NOK. This is a decrease of 44 øre per liter since the beginning of November. Present the price has reached in turn, the level previously recorded at the beginning of September.
Diesel cheaper slower
Although fuel prices in Norway are falling for a long time, it is worth noting that Diesel cheaper slower. As Knut Hansen explains, this is because of rising prices biodiesel. Norwegian regulations require producers to get out of each production this fuel at least 10% is reached biodiesel. Therefore, the cost of production biofuels are partly included in the traditional crudethat we refuel our cars with.
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Fuel prices in Norway - will they stay?
Although fuel prices in Norway have been falling for a long time, it should not be expected that this condition will continue in the long term. Economists agreethat the profitability of oil production will start to decline from 2020.
As already we informed on the pages of our portal, Professor Jørgen Randers suggests that the Norwegian economy should change industries by 2040 at the latest. At that time, the industry oil industry is to become completely unprofitable.
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