The opening of Costco’s first warehouse in Iceland has really stirred the monopoly pot. The Icelandic oil companies have for decades sold us overpriced fuel and gotten away with it. They have even been fined severely for breaking the law by agreeing on fixed prices and market share. Finally, the public has a chance to show them that we are fed up with this. Everyone is purchasing fuel at Costco….or are they? No, unfortunately, Costco has only one service station that is open from 7 am to 10 pm. Plus, there are always lines there. Icelanders cannot be in lines. We are not ready for that. Only the most stubborn of us stand in line and only buy from Costco.
The price of liter of Diesel is now at 161,9 ISK or 1,62 USD. That equals 6,12 USD per gallon. That still seems high, but its still the lowest we can get at the moment.
We are happy and optimistic towards Costco and that they will continue to sell us good products at lower prices than the market has done for decades.