Norway Records New High in Diesel Prices

(MENAFN) Norway shattered its diesel price record on Monday, with pump prices surpassing 30 kroner ($3) per liter for the first time in history — and industry experts are cautioning that the worst is far from over.

NRK first reported the milestone, citing alarming data from the country's widely used Fuel App.

"We have never registered higher fuel prices in the Fuel App. Today, for the first time, we have seen pump prices above 30 kroner per liter," said Syver Orhagen, general manager of Norway's Fuel App (Drivstoffappen), in remarks to NRK.

Orhagen did not stop there, cautioning that the ceiling remains out of sight, with prices potentially surging beyond 35 kroner ($3.61) in the coming days.

Oil analyst Ole Hvalbye moved to explain the disconnect between sliding crude prices and stubbornly high costs at the pump.

"Even though the oil price is falling sharply, this does not directly affect product prices," Hvalbye said.

He further flagged the extraordinary volatility rattling global oil markets, describing the scale of intraday price swings as deeply abnormal.

"Such movements are often seen on an annual basis and not on a daily basis," Hvalbye said.

With markets on edge, Hvalbye stressed that any meaningful price relief hinges on a return to stability in one critical chokepoint.

"You absolutely need to see some form of normalization of shipping traffic, especially commercial shipping traffic, through the Strait of Hormuz with oil and gas exports for prices to fall back properly," Hvalbye further told NRK.

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