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How and where to get the cheapest fuel in Norway

Norway is leading the pack when it comes to the sales of new electric vehicles. In fact, nearly 60 percent of all new car sales in this country are electric. But for petrol and diesel car owners who have yet to make the switch, knowing when and where to find the cheapest fuel can end up saving you thousands of kroner.

A petrol station in Norway in 2021. Refuelling your car is a pricey business in the Nordic country, but there are ways to limit costs.
A petrol station in Norway in 2021. Refuelling your car is a pricey business in the Nordic country, but there are ways to limit costs. Photo by Malik Skydsgaard on Unsplash

Why is it so expensive to fuel up?

Fuel – gasoline, petrol and diesel — is an expensive monthly bill for many. Norway typically has some of the highest fuel prices in Europe. The at-times sky high prices are mainly due to taxes on fuel imposed by the government, as well as the usual international market factors.

The Norwegian Competition Authority or Konkurransetilsynet recently stated that it is perhaps now more important than ever before to be aware of the ever changing fuel prices.

We have registered price differences of 2-3 kroner in the same local area. There is undoubtedly money to be saved by following along,” said Marita Skjæveland, deputy leader of the Norwegian Competition Authority’s energy section to broadcaster TV2.

The average price to fuel up between the months of July to October this year was 18.8 kroner per litre (2.26 dollars or 1.94 euros). 

READ ALSO: Five things that are becoming more expensive in Norway (and why)

Does it matter which day you fuel up?

As of writing, routinely fueling your vehicle on a specific day of the week will likely no longer save you money. 

“We see that the players in the market still raise prices two to three times a week, but that it happens on different days from week to week,” Skjæveland told TV2. The competition analyst added that by the end of the year, fixed price increases may also happen over the weekend. As such, it’s important to stay updated not only on the weekdays, but on the weekends as well.

Previously, Sunday evenings and early on Monday mornings used to be known as the cheapest time to fill your vehicle’s tank with petrol or diesel.  This is now a practice of the past. 

Where can I find cheap petrol prices online?

Hunting for the cheapest fuel prices in Norway is quite common. It’s also a normal discussion to have with your neighbours and colleagues. So don’t be worried about appearing ‘cheap’ if you want to talk about the high price of fuel. Or share which local petrol stations you have noticed to be less expensive. 

You can check Facebook for groups that are committed to informing the public on where to find the cheapest petrol stations. 

For Oslo and its surrounding areas, you can try here, and if you live in or are driving through the south of Norway, check here.

Drivestoff is an app designed to compare prices of petrol stations you will drive by on your journey so you can plan ahead to get the cheapest fuel. You can find more information and download the app here.

You can also save money by looking for a queue of cars at a petrol station. Yes, it may be just busy. But oftentimes, a queue is a signal for cheaper petrol prices. 

Memberships and credit cards can save you money on fuel

If you’re in the market for a credit card, look for one that might save you money on fuel. Credit cards such as 365 Direct and Flexi VISA will give you good discount options at all petrol stations. If you have a particular station you always fill up at, such as a YX, you can sign up for the company’s credit card to receive discounts on fuel. 

There are also benefits to be had if you sign up for a credit card or a drivstoffkort or “fuel card”.

A drivstoffkort is a special credit card which you use to pay when refuelling your vehicle. The cards generally only work at the stations run by the company to which the card belongs. Different deals and types of card are available, depending on the company.

Specific deals on credit card and drivstoffkort discounts can be found (in Norwegian) here

You can sometimes use membership cards with grocery stores or real estate organisations to give you discounts on fuel. For example, the Coop Medlemskort will save you 45 øre when filling up at Circle K petrol stations. Trumf kortet, which is associated with the chains Kiwi, Meny, Joker and Spar, gives you bonuses when you fill up at Shell stations. OBOS members receive a 27 øre discount on petrol and diesel at both Statoil and 1-2-3-Automat stations. 

Where can I get the lowest priced petrol?

Petrol stations in Norway are extremely competitive. There is no one company that is known to sell gasoline or diesel cheaper than the others

Like many other goods, fuel prices around Norway will rise and fall with demand. Typically, fuel stations located in mountainous towns or areas that heavily rely on tourism will have more expensive fuel. If you’re on holiday in such a town or area, and can wait to fuel up when you get to a more trafficked motorway, it will likely save you money. 

Petrol stations that don’t have employees on location tend to be slower at increasing their prices to match the competition. So if you know you’ll be passing by an ubemannet or “unstaffed” petrol station on your trip, it may be cost-effective to wait and fill up there. 

Consider how much time you want to invest

Joining the hunt for cheaper fuel may not be for everyone. It is time consuming, and admittedly hard to achieve due to the ever-changing prices. If you are not dependent on your vehicle for your daily commute and don’t often drive long distances, fueling up at your local gas station may be the best choice. 

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MONEY

What are the best savings options in Norway?  

Having some money set aside for a rainy day is always smart. Luckily, there are plenty of options available in Norway. However, what's best overall may depend on your situation. 

What are the best savings options in Norway?  

After your rent or mortgage, taxes, bills, and other monthly expenses are covered, you should hopefully have some money left over to put into savings and plan for your future. 

Whether you’re thinking of a rainy day fund, a nest egg, or money to put towards a home, Norway has plenty of options. 

What’s best overall will depend on your own needs. For example, if you want flexibility, you’ll want an account that allows you to make deposits and withdrawals whenever you wish. However, if you want a good rate, you’ll likely need to pen the ink on an account restricting withdrawals. 

For the best returns, look further ahead with a savings account that invests in stocks. These accounts deliver the best returns after around ten years. 

If it’s a house you’re after, you may want a BSU account. 

READ MORE: The key things you need to know about savings accounts in Norway 

The best rates come with strings attached

In terms of the best interest rates, BSU accounts typically offer the best returns. The Boligsparing for Ungdom (BSU) accounts have interest rates of around 6-6.5 percent at the time of writing. 

However, these accounts come with a catch. First, there are limits on how much you can invest per year, second, there are age restrictions, and third, the accounts can only be used for housing-related spending. 

Flexibility 

When it comes to savings accounts with more flexibility, there are several options. 

Buffer accounts (bufferkonto) are savings accounts that allow you to save up for unforeseen circumstances, such as an unexpected bill. Typically, these accounts aren’t expected to be the main savings pool. 

You can normally open these accounts without being an existing bank member, meaning you can shop around for the best rate. As these accounts are supposed to act as a buffer, you can make deposits and withdrawals as frequently as you need. 

These accounts will typically have rates comparable to savings accounts that don’t require a minimum monthly deposit and allow flexible withdrawal. 

At the time of writing, these accounts pay between 3.7 and 4.7 percent annual interest. 

For the medium term 

Some savings accounts offer slightly higher interest, but they may restrict or charge deposit fees. 

Other restrictions, such as being a bank customer, having a mortgage with it, or being a union member, may also apply. 

In a recent survey on banking among readers, a number said that union membership offered them competitive rates with savings accounts. Meanwhile, OBOS, Norway’s biggest housing association, also offers a high-interest savings account. 

Fixed-interest accounts may also offer an attractive option in the medium term. While interest rates in Norway are currently high, they are expected to fall in the coming years, so you may wish to consider a fixed interest rate account. 

Banks typically offer fixed interest for 1-3 years. The longer the rate is locked, the lower the overall rate. Therefore, it may be worth calculating whether you can expect to be better off overall by signing up for a fixed rate rather than going with the flow. 

These accounts typically offer rates a percentage point below flexible accounts.  

Longer term 

Those with an eye on the future could put even more money into their pension accounts. Typically, you will already be paying towards a state pension and workplace pension scheme in Norway. 

However, you can also invest in an IPA, individual pension account. The Sparebank group typically offers the best rates on these. At the time of writing, anywhere between 3 and 4 percent is considered a good rate. 

If you intend to save for longer than three years but don’t want to wait until retirement, consider putting some of your savings into a fund. In the longer term, these typically offer better returns than a bank. 

An index fund (indeksfond) is considered the easiest and cheapest to invest in. The cheaper the fund, the less it will affect returns. 

Mutual funds (aksjefond) are more actively managed but have higher costs. 

Then you will need to consider the scope of the fund. A more global fund will, generally, have lower risk.

Such funds are risky. Stock markets rise and fall, and over ten years, there is no guarantee that they will outperform a savings account. 

Some banks like DNB offer a combination of traditional savings and investment into funds. They offer accounts where anywhere from 30 to 100 percent of the money will be invested in shares while the rest will sit in a savings account. 

Such accounts also allow savers to choose the level of risk they are comfortable with.

If you are saving large amounts, then you may be subject to a tweak to the exit tax rules should you relocate from Norway. 

READ MORE: What we know so far about Norway’s plans for an exit tax

Where to check for the best rates 

When looking solely at savings accounts and not funds, then Finansportalen from the Norwegian Consumer Council will be an essential tool. 

It allows you to input the type of account you’re after, the money you expect to deposit and your age. From there, it will list the most important T&Cs of the accounts and order them from the best rate to the worst. 

You can also filter out banks that require you to already be a customer or take on other products. 

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