Faroese fuel company prepares for stricter competition over car fuel sales

The Faroese oil company Krafta has announced it is ready to become a wholesale supplier of fuel for cars, as competition in the sector looks set to intensify, reports Faroese broadcaster Kringvarp Føroya.

Small family-owned business Thomsen in Hvalvík, which has long sold heating oil to households, is also considering entering the market to sell fuel for vehicles—potentially within weeks. Krafta, which already operates as a wholesale supplier of heating oil, confirmed it is prepared to expand its operations.

“Time will tell,” said Rói Kalsø, managing director of Krafta, which last summer became the first company licensed to sell marine fuel to ships. The company also supplies heating oil, which Thomsen distributes to households, and could potentially offer other fuel products if demand arises.

Krafta currently has two large storage tanks in Hvalba with a combined capacity of five million litres, used for heating oil. If the company expands into wholesale sales of petrol and diesel, further infrastructure development will likely be necessary.