Icelandic government to set up high fuel price working group

Iceland’s government is set to form a working group to look into the record high petrol and diesel price and what to do about it.

Icelandic finance minister Steingrimur J. Sigfusson says he intends to set up a working group from four different ministries to look into every aspect of the current high petrol and diesel prices in Iceland. The minister made his remarks in the Althingi parliament yesterday.

Sigfusson told MPs that the current high price of fossil fuels for transport should be a major encouragement to speed up the development of domestic energy sources, RUV reports.

Sigfusson’s comments came in response to a question from Tryggvi Thor Herbertsson, who asked what the government’s reaction to the high oil prices will be. The Independence Party MP said that record high oil prices are eroding household purchasing power and pushing transport costs (of goods as well as people) ever higher.

Transport fuel is expensive almost everywhere at the moment, but not as pricey in most countries as during the summer of 2008. However, fuel has never been as expensive in Icelandic kronur as it is now — mainly due to the fact that the currency has weakened significantly since 2008.

(Photos: IceNews/Alëx)

Comments are closed.