Sylvie Willis
As of April 2025, diesel fuel in Iceland costs around ISK 322.06 per liter or USD 2.42 per liter. This is a stark contrast to the world average diesel price of USD 1.14 per liter. In fact, Iceland is ranked as the second most expensive place for fuel, just after Hong Kong. Diesel prices in Iceland have increased by 1.2% over the past year, and this is due to a mix of geographical, tax-related, and economic factors.
| Characteristics | Values |
|---|---|
| Current price of diesel fuel in Iceland | ISK 322.06 per liter or USD 2.42 per liter |
| World average diesel price | USD 1.14 per liter |
| Average diesel price from 27 April 2015 to 7 April 2025 | ISK 243.08 per liter |
| Minimum price in the above period | ISK 169.40 on 22 February 2016 |
| Maximum price in the above period | ISK 341.98 on 4 July 2022 |
| Current price of gasoline in Iceland | ISK 306.08 per liter or USD 2.44 per liter |
| Average price of gasoline in the world | USD 1.19 per liter |
| Average gasoline price from 29 June 2015 to 9 June 2025 | ISK 250.50 per liter |
| Minimum price in the above period | ISK 186.40 on 22 February 2016 |
| Maximum price in the above period | ISK 345.71 on 13 June 2022 |
| Diesel price in Iceland (as of 9 June 2025) | €2.347 or ISK 326.06 |
| Diesel price in Iceland (as of March 2025) | ISK 326 per liter or USD 2.40 per liter |
| Global average diesel price (as of March 2025) | USD 1 per liter |
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What You'll Learn
- Diesel fuel in Iceland is currently around ISK 322.06 per liter or USD 2.42 per liter
- Diesel prices in Iceland are more than double the world average
- Iceland imports all its fuel, mostly from Norway, as it has no oil refineries
- Diesel models are often cheaper to run than petrol cars
- Diesel prices in Iceland have increased by 1.2% over the past year
Diesel fuel in Iceland is currently around ISK 322.06 per liter or USD 2.42 per liter
As of April 7, 2025, the price of diesel fuel in Iceland is around ISK 322.06 per liter or USD 2.42 per liter. This is significantly higher than the world average of USD 1.14 per liter.
Diesel fuel prices in Iceland have been steadily increasing over the past year, with a 1.2% rise since March 2025. The price of diesel in the country is influenced by a mix of factors, including geography, taxes, and economic considerations. Iceland imports all of its fuel, mainly from Norway, as it has no oil refineries.
The high cost of diesel in Iceland can be a shock to visitors, but it should not deter individuals from experiencing the country's breathtaking landscapes. To manage fuel costs during a trip to Iceland, it is recommended to rent a fuel-efficient vehicle, plan strategic fuel stops, and adopt smart driving habits.
Diesel-powered vehicles are often more economical to operate than gasoline-powered ones. Maintaining a steady speed, utilizing cruise control, and avoiding aggressive acceleration can help maximize fuel efficiency. Additionally, reducing unnecessary cargo weight and planning trips to minimize backtracking can further optimize fuel usage.
It is worth noting that fuel prices in Iceland vary, and checking rates before refueling can result in cost savings.
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Diesel prices in Iceland are more than double the world average
As of April 2025, the price of diesel fuel in Iceland was ISK 322.06 per liter (USD 2.42 per liter). This is more than double the world average of USD 1.14 per liter. In fact, according to the Global Petro Prices website, Iceland has the second most expensive fuel prices in the world, just after Hong Kong.
There are a number of reasons why fuel prices in Iceland are so high. Firstly, Iceland imports all of its fuel, mainly from Norway, as the country has no oil refineries. This reliance on imports means that fuel costs are subject to global market fluctuations and can be significantly impacted by changes in supply and demand. Additionally, factors such as geography, taxes, and economic conditions also play a role in keeping fuel prices high in Iceland.
The high cost of diesel in Iceland can have a significant impact on locals and tourists alike. For locals, it can increase the cost of living, especially for those who rely on vehicles for transportation. Tourists, on the other hand, may be caught off guard by the high fuel prices when planning a road trip around the country.
To mitigate the high cost of diesel, locals and tourists are advised to opt for fuel-efficient vehicles, such as the Toyota Aygo, when renting a car. Strategic fuel stops and smart driving habits, such as maintaining a steady speed and using cruise control, can also help to reduce fuel consumption and save money. Additionally, planning ahead and exploring one region at a time can help to cut down on unnecessary mileage and fuel costs.
Despite the high fuel prices, many believe that the stunning landscapes and unique experiences that Iceland has to offer make it well worth the cost. With proper planning and a few cost-saving strategies, it is possible to explore the country without breaking the bank.
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Iceland imports all its fuel, mostly from Norway, as it has no oil refineries
The price of diesel fuel in Iceland is currently around ISK 322.06 per liter, which is equivalent to approximately USD 2.42 per liter. These prices are significantly higher than the global average, with diesel prices in Iceland being more than double the world average.
Iceland imports all its fuel as it has no oil refineries in the country. In 2023, Iceland imported $1.16 billion worth of refined petroleum, making it the 103rd largest importer of refined petroleum products in the world. The majority of Iceland's fuel imports come from Norway, with other sources being Kuwait, the United States, Denmark, and the Netherlands.
Despite being a leader in renewable energy, with 100% of its electricity grid powered by renewable sources, Iceland still relies on imported oil to meet its energy needs, particularly for the transport sector. The high cost of imported oil has driven the country to focus on domestic renewable energy sources, and Iceland aims to be carbon neutral by 2040.
Iceland has abundant geothermal energy, which has enabled various renewable energy initiatives. The country also has untapped hydroelectric energy potential, with an estimated 30 TWh of hydropower that could be produced annually while considering environmental constraints. These domestic renewable energy sources are crucial in reducing Iceland's dependence on fossil fuels and working towards its carbon neutrality goals.
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Diesel models are often cheaper to run than petrol cars
As of April 2025, the price of diesel fuel in Iceland was ISK 322.06 per liter, or USD 2.42 per liter. This is much higher than the global average of USD 1.14 per liter. In comparison, the price of petrol in Iceland was ISK 306.08 per liter, or USD 2.44 per liter.
Diesel models are often considered cheaper to run than petrol cars, especially for high-mileage use due to their fuel efficiency. According to a study by The Motley Fool, diesel engines were found to be 29% more efficient on the highway and 24% more efficient in the city when compared to gas engines. This higher efficiency translates to lower fuel costs per mile driven. For example, a diesel Altroz was estimated to save Rs 14,630 in running costs over its petrol counterpart over one year.
However, it is important to note that the choice between diesel and petrol depends on various factors, including annual mileage, typical daily journeys, budget, and driving habits. Diesel engines tend to be more suitable for long-distance driving and high-mileage use. For short-distance commutes or less than 10,000 km driven annually, a petrol car is generally more cost-effective. Additionally, diesel engines often have higher maintenance costs due to greater mechanical stress and heavier components, which can result in higher wear and tear.
In terms of emissions, diesel engines have improved significantly with technological advancements, offering a clean and efficient option for powerful engines. However, diesel engines may not be ideal for those who predominantly drive in urban areas and have lower average speeds, as diesel particulate filters (DPFs) require periodic regeneration at higher temperatures and speeds.
Overall, while diesel models can offer cost savings in fuel efficiency for high-mileage use, it is essential to consider the specific driving needs, maintenance costs, and other factors when deciding between diesel and petrol vehicles.
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Diesel prices in Iceland have increased by 1.2% over the past year
As of March 2025, the price of diesel fuel in Iceland was ISK 326 per liter, which is equivalent to USD 2.40 per liter. This price is more than double the world average of USD 1 per liter. Notably, diesel prices in Iceland have increased by 1.2% over the past year.
Iceland is ranked as the second most expensive place for fuel in the world, just after Hong Kong. The high fuel prices in Iceland are attributed to a combination of factors, including geography, taxes, and economic factors. The country imports all of its fuel, mainly from Norway, as it lacks oil refineries.
The impact of these diesel prices is significant for locals and tourists alike. For locals, the high diesel prices contribute to overall higher costs of living and doing business in Iceland. For tourists, especially those planning road trips, fuel expenses can be a significant factor in their travel budgets.
To manage fuel costs, locals and tourists are advised to opt for fuel-efficient vehicles, such as the Toyota Aygo, when renting a car. Strategic fuel stops and smart driving habits can also help reduce fuel consumption. Exploring one region at a time, maintaining a steady speed, using cruise control, and avoiding unnecessary luggage can all contribute to fuel savings.
While the recent increase in diesel prices may be concerning, it is important to note that prices can fluctuate over time. Checking fuel rates before filling up is always a good practice to make informed decisions and potentially save money.
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Frequently asked questions
Diesel fuel in Iceland was priced at ISK 322.06 per liter or USD 2.42 per liter as of April 7, 2025.
As of March 2025, diesel fuel in Iceland was priced at USD 2.40 per liter.
As of June 2025, gasoline prices in Iceland are at ISK 306.08 per liter or USD 2.44 per liter, making diesel fuel slightly cheaper.
Here are some tips to save money on fuel in Iceland:
- Rent a fuel-efficient car, such as a Toyota Aygo, instead of a gas-guzzler.
- Stick to a plan and explore one region at a time to reduce unnecessary mileage.
- Adopt good driving habits such as maintaining a steady speed, using cruise control, and avoiding aggressive acceleration.
- Reduce extra weight by carrying only the necessary luggage.
