Sweden's leading petrol companies cut their guideline price of unleaded petrol by 0.10 kronor ($0.012) on Monday, bringing the total price down to 14.49 kronor per litre.
The move bucks the normal trend at this time of the year, which usually sees prices pushed up due to rising demand as consumers hit the road for their summer holiday.
But thanks to the price of crude oil falling across the globe, the cost at pumps in Sweden is likely to remain lower than normal for the rest of the season, an industry expert told The Local on Monday.
“I like to see the price of crude oil as a surface of water with petrol prices as corks that can either float high or low in the water. At the moment, the price of petrol is at its highest, but the price of crude oil has been falling steadily,” said Ulf Svahn, chairman of the Swedish Petroleum and Biofuels Institute (SPBI).
The benchmark price for crude oil worldwide, Brent Crude, was $58.73 per barrel on Monday – down from an average of $107 in July last year.
”I don't think the price of petrol in itself is likely to rise further, unless something unforeseen happens. And we've received signals, like today for example, that the price of crude oil is on a downward curve, so the combined price of crude oil and petrol prices are likely to keep falling,” added Svahn.
“It's good news if you like low prices, but you should remember that not everybody does. Higher prices are of course better from a climate perspective.”
However, the plummeting costs of petrol are likely to help attract foreign tourists hoping to do a road trip through Sweden – despite the cold weather. Monday's news is set to go home well with those mobile home owners already heading to the Nordic country in droves.
But foreign drivers hoping to score an even cheaper deal are advised to wait until September, when there's likely to be a sharp drop in costs at the pumps.
”The classic European summer holiday is in August, or as we call it 'driving season', so we have to wait until September before demand — and the price — drops,” said Svahn.
The cost of diesel and etanol fuel E85 remained unchanged on Monday at 13.25 kronor and 10.58 kronor per litre, respectively.