Norway fuel sales surge in August ahead of tax increases

Fuel stations were the primary driver of retail growth in Norway during August, following a 5.3 percent increase in seasonally adjusted sales volume. This surge occurred during the final month of temporary fuel tax reductions implemented by the Storting.

Despite the monthly increase, the long-term trend for fuel sales remains negative. Statistics Norway reports that the three-month period from June to August was 6.5 percent lower than the preceding period from March to May. Additionally, sales in August were 15.6 percent lower than in August of the previous year.

Overall retail turnover grew by 0.6 percent from July to August, helping to flatten a recent downward trend. Grocery stores also contributed to this growth, seeing a 0.9 percent increase in sales volume. Fuel prices have generally risen due to geopolitical tensions in the Middle East affecting petroleum product costs. Following the expiration of the tax cuts on September 1, gasoline and diesel prices have increased again.