Norway hits record diesel prices, experts warn peak still ahead

Norway on Monday recorded a new high in diesel prices with over 30 kroner ($3), while an expert warned that the peak is still ahead, according to broadcaster NRK.

"We have never registered higher fuel prices in the Fuel App. Today, for the first time, we have seen pump prices above 30 kroner per liter," general manager of Norway's Fuel App (Drivstoffappen) Syver Orhagen told NRK.

Orhagen also had warned that the peak for diesel prices has not yet been reached, warning that the prices could reach above 35 kroner ($3.61).

"Even though the oil price is falling sharply, this does not directly affect product prices," Ole Hvalbye, oil analyst, explained, comparing diesel and oil prices.

He also noted the fact that the oil prices fluctuates so much in one day is "highly unusual."

"Such movements are often seen on an annual basis and not on a daily basis," Hvalbye said.

Underlining that the oil market is very nervous, he argued that it might take time before prices normalize.

"You absolutely need to see some form of normalization of shipping traffic, especially commercial shipping traffic, through the Strait of Hormuz with oil and gas exports for prices to fall back properly," Hvalbye further told NRK.