Oil product supply from Norway’s two refineries exceeds domestic demand, making Norway a large net exporter of refined products and setting inland market prices at export parity. Norway’s fuels market is highly-concentrated, with the top four companies supplying over 85% of demand. DCC Energy acquired ExxonMobil's Esso branded retail fuels chain in 2017, further fragmenting Norway's downstream supply chain, and there are no longer any integrated refining and fuels marketing players in Norway. Shell sold its fuels marketing businesses to St1 in 2015 and Circle K sold its aviation fuel supply division to Air BP in 2014. We expect gasoline will continue to gain against road diesel on a percentage of fuel consumption basis, but demand for the major transportation fuels in Norway remains in structural decline over the longer-term, as engine efficiency gains and electric car penetration erode gasoline and diesel use in this mature economy.