Fuel — Icelandic Fuel Market

Companies

Retailer	Kennitala	Parent	Parent kt	Stations
N1 ehf.	4110033370	Festi hf.	5402062010	~100
Olís ehf.	5002693249	Hagar hf.	6702032120	~65
Orkan IS ehf.	6803190730	Styrkás/SKEL	6309212010	~75
Atlantsolía ehf.	5906023610	Private	—	~30

Use parent kennitalas for consolidated financials — fuel is a segment within diversified conglomerates.

Skeljungur ehf. (6309212010) is the wholesale fuel company under Styrkás — separate from Orkan retail but same ownership.

Data Sources

Gasvaktin — Daily retail prices

• Repo: github.com/gasvaktin/gasvaktin
• Location: data/raw/gasvaktin/vaktin/trends.json
• Company codes: n1=N1, ol=Olís, or=Orkan, ox=Orkan X, ao=Atlantsolía, co=Costco, dn=Dælan, ob=ÓB, sk=Skeljungur
• Data since April 2016, ~weekly observations per company

Processing

uv run python scripts/fuel.py

Outputs:

• data/processed/fuel_prices_daily.csv — all observations
• data/processed/fuel_market_daily.csv — market averages (major 4 retailers)
• data/processed/fuel_prices_monthly.csv — monthly by company
• data/processed/fuel_price_spread.csv — price spread between retailers

Annual reports (skatturinn.is)

uv run python scripts/skatturinn.py download 5402062010 --year 2024  # Festi (N1 parent)
uv run python scripts/skatturinn.py download 6702032120 --year 2024  # Hagar (Olís parent)
uv run python scripts/skatturinn.py download 6309212010 --year 2024  # Skeljungur (Orkan wholesale)

Note: Festi has two reports per year (parent + consolidated). The download script picks typeid=1 first. For segment data, you may need the consolidated report (typeid=2).

Hagar fiscal year

Hagar uses Feb-Jan fiscal year (e.g., "2024" = Feb 2023 – Jan 2024).

Other data sources

• IEA End-Use Prices — cross-country fuel price comparison with tax breakdown
• Samkeppniseftirlitið — competition authority reports (2015 fuel market study, 2024 Festi fine)
• Crude oil prices — Brent ICE for margin computation

Key Facts

• Festi fined 750M ISK in 2024 for violating 2018 N1 merger conditions
• N1 owns 60% of Olíudreifing ehf. (fuel distribution) — board must be independent per competition authority
• Hagar preparing to sell Olís stake in Olíudreifing and EAK (Keflavík airport fuel)
• Typical N1 premium over Atlantsolía: 5-13 ISK/L
• Skeljungur EBITDA/margin: 43.2% (2024)

Caveats

1. Conglomerate financials — Festi and Hagar report consolidated; fuel is one segment. Segment data in note "Starfsþáttayfirlit".
2. Skeljungur ≠ Orkan retail — Skeljungur is wholesale/enterprise fuel; Orkan IS is retail. Same ownership (Styrkás) but separate entities.
3. Gasvaktin coverage — Not every station reports every day. Data may have gaps.
4. Discount vs list prices — Some companies offer discount (self-service) vs full-service pricing.