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Swedish petrol prices reach record high

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Swedish petrol prices reach record high
10:57 CEST+02:00
The price of gasoline in Sweden has reached a new record high of 13 kronor per litre ($8.40 per gallon).

However analysts expect prices to rise even higher over the summer.

More fuel efficient cars, alternative fuels, and high fuel taxes have pushed gasoline consumption in Sweden down by about 2 percent per year.

Despite all that, one of the country's leading fuel companies raised prices 15 öre to 12.99 kronor per litre for 95-octane unleaded petrol.

Diesel prices went up 10 öre to 13.39 kronor per litre, which remains slightly below the earlier record high price of 13.54 kronor per litre.

Large maintenance projects underway at US refineries, sabotage against oil installations in Nigeria, and a strike at a large refinery in Scotland are some of the factors of concern to analysts.

According to Ulf Svahn, CEO for the Swedish Petroleum Institute, the high prices in Sweden can be attributed to record high gas prices on the world market, which the ever-weaker dollar can't counter.

Despite high prices at the pump, profit margins at fuel companies were around 82 öre per litre in March, close to historic lows, according to Svahn. And if you remove the country's high fuel taxes, Sweden's gas is actually the cheapest in the Western world.

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