September 26, 2022

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Fuel prices are impossible to predict – Kjersti hoards when it’s cheap

– I think the prices are pretty good now, says Kjersti Norrud Giske.

Four jugs are lined up at the fuel pumps at a petrol station.

Giske is in the process of filling both himself and the zone. He uses spare cans to stock fuel as the price of fuel may rise suddenly.

– Prices have already risen to NOK 23-24 elsewhere, he says.

Kjersti Norrud Giske is very happy to have cheap fuel.

Photo: Øyvind Sandnes / NRK

Price is unpredictable

Johan Andrew Potsmo is an analyst at Kinect Energy Group and has followed developments in fuel prices.

– Oil prices have fallen. We expect lower price growth and this may be related to having better access to oil.

With today’s fuel prices, many motorists are switching to different petrol stations.

Photo: Øyvind Sandnes / NRK

So, the price went from NOK 27 to NOK 19 per liter in a short period of time. Additionally, prices are affected by politics that transcend national boundaries.

– Local competition has also been a factor that has shaped the fuel market over the years. But the major decline was due to the global political situation.

Bottesmo says it is impossible to predict how fuel prices will develop in the future.

– So can the price suddenly rise back to NOK 27?

– I hope that won’t happen, but yes.

NRK spoke to several analysts who said it was impossible to predict what fuel prices would look like in the future.

Must be filled all the time

Ghazan Hussain was one of the many who filled up his car with fuel today.

– I saw the price on a Facebook post here. Then I immediately chased the security. Last few times I bought a liter of fuel for NOK 25. Today the price is only NOK 18.

The fuel is gasoline

Kazan Hussain is happy because the price has come down today.

Photo: Øyvind Sandnes / NRK

In the past, he has refused to fill the tank. He lives in Ålesund, but works outside the city. So, he has to drive a lot, and his car guzzles fuel.

– The car needs to be filled almost every day. It costs a lot. Fingers crossed that the price will drop further.

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