Commodity Market Report

Norway retail fuels long-term outlook

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Total oil demand in Norway has been declining since it peaked over a decade ago. Norway’s retail fuels market is highly concentrated, with four companies – Circle K, DCC, St1, and Uno-X – supplying almost 90% of the market. This leads to limited retail fuel price competition supporting healthy gross margins. Vehicle fleet electrification is in rapid pace, EVs represented more than 30% of the total car fleet in 2023.

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    Norway Retail Fuels Long Term Outlook.pdf

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