In June, a liter of petrol cost NOK 26 on average and a liter of diesel NOK 25. That is more than 60 percent more than the same month last year. Nevertheless, Norwegians bought almost as much fuel as the previous year: 4.3 per cent less petrol and 2 per cent less diesel. New figures from Statistics Norway show that. – If you wish to cut your food budget, you can go for a cheaper alternative or shop less from one day to the next. People are only a couple of keystrokes away from cutting their trip to the south if the economy is tough. But driving is more difficult. The car has ventured into our lives in a completely different way, says consumer economist Thea Olsen at Danske Bank. Think talk can lie Thea Olsen is a consumer economist at Danske Bank. Photo: Danske Bank / Sturlason She still believes that words can lie. According to Olsen, there is reason to believe that quite a few more people have holidayed by car this year due to high inflation and that holiday trips in general have become more expensive. In addition, the strike in SAS has meant that many have taken the wheel to get where they are going. – I can hardly remember a holiday where I have driven as much as I have done in recent weeks. It is therefore possible that Norwegians have adjusted their routines somewhat more than the statistics show, she says. Corona savings Oddmund Berg, macro economist at DNB, agrees. He believes that fuel is a commodity that is difficult to use less of. In addition, he points out that during the pandemic Norwegians saved much more money than usual. – Even if prices go up, you have a lot of money to take to tolerate the price rise that has been going on until now, says Berg. – If all the postage on your budget goes up in price, you might take some of your savings to be able to afford it in the beginning, but then you may have to start prioritizing, because you see that the buffer account is getting smaller and smaller, says Oddmund Mountains. Photo: Stig B. Fiksdal / Stig B. Fiksdal He believes that many Norwegians are happy to take a hit for more expensive food, fuel and electricity by using their buffer accounts without reducing their consumption much. – So it is clear that if the price increase continues and continues and you are not compensated in wages, sooner or later you will have to start making choices, says the economist. He further says that households in Norway, in the big picture, still have an economy that is strong enough to tolerate the price changes we have seen recently. – The question is: How long can we tolerate price growth that is stronger than our wage growth? Then I talk, more on the way into next year, that it may be difficult to keep up consumption with the price increase that has been going on. – The pain limit has been reached Olsen in Danske Bank believes that the pain limit for Norwegians has already been reached. – Ola and Kari have long since begun to reassess the driving of their petrol and diesel cars. We are now more aware of what the price per liter is when we fill up, she says. Nevertheless, she believes that the increased fuel prices do not sting as much as the cocktail of all other rising prices. – It may be that people care a little less about fuel prices than the increased interest costs. But I am sure that alternative solutions are being discussed around the 1,000 kitchen tables, says Olsen. More electric cars can also contribute The number of electric cars in Norway is constantly increasing. Between 2020 and 2021, the proportion grew by over 35 per cent, according to figures from Statistics Norway. Of all new cars that were registered last year, two out of three were electric cars. In some places in the country, used electric cars can be sold at a profit, because the demand is high and the delivery time for new cars is long. Berg believes that the increased proportion of electric cars and more efficient fossil cars can also contribute to fewer liters of fuel being sold.
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Petrol and diesel have become 60 per cent more expensive, but we consume almost the same amount, according to figures from SSB – news Rogaland – Local news, TV and radio
