Norway’s finance minister calls emergency meeting as fuel prices hit record highs

Norway’s Finance Minister Trygve Slagsvold Vedum has cancelled all planned engagements to address soaring fuel prices, which have reached unprecedented levels, Dagbladet reports.

Diesel prices have now exceeded 30 Norwegian kroner per litre in some areas, with experts warning they could climb to at least 35 kroner if the conflict in the Middle East does not end soon. Vedum convened an emergency meeting with his party’s parliamentary group on Wednesday morning, and a proposal has been submitted to the Storting (Norway’s parliament).

Sweden’s government has proposed a temporary reduction in fuel taxes from May 1 to October 31, a move that has increased pressure on Norway to follow suit. Opposition parties, including the Conservatives, are pushing for cuts to the road usage tax, which they argue could lower petrol prices by over four kroner per litre and diesel by three kroner.

“This is a cut that will benefit both the public and businesses,” Conservative finance spokesperson Nikolai Astrup told Dagbladet on Tuesday. “The Conservatives believe immediate action is needed to make fuel more affordable for people and businesses. The situation is uncertain, so we propose suspending the road usage tax at least until the end of summer.”

Protests are also planned, with the group “Dieselbrølet” (“Diesel Roar”) organising a slow-driving demonstration on Friday to highlight the financial strain on households. Former reality TV participant and farmer Arvid Mæland has warned of severe consequences for food production if fuel costs remain high, while trucker and social media personality Leif Einar “Lothepus” Lothe described the price surge as “complete madness.”

The Labour-led government has so far rejected immediate tax cuts but has not ruled out measures in the May budget.