Iceland is expensive, and fuel is no exception. These are the per-unit prices as of mid-2026, and what they add up to on real trips.
Per-unit pricing (April 2026)
- Petrol (95 oktan): ~320 ISK/L (≈ €2.20/L)
- Diesel: ~310 ISK/L (≈ €2.13/L)
- EV fast charging: 65–80 ISK/kWh (≈ €0.45–0.55/kWh) at networks like ON, N1, Orkan, Ísorka.
- EV AC charging at hotels: often free or 10–25 ISK/kWh.
Petrol prices have been flat for ~18 months. EV charging went up about 8% in early 2026 as networks dropped their introductory pricing.
Cost per 100 km (typical mid-size car)
- Petrol @ 7 L/100 km × 320 ISK = ~2,240 ISK / 100 km
- Diesel @ 5.5 L/100 km × 310 ISK = ~1,705 ISK / 100 km
- EV (fast charging) @ 18 kWh/100 km × 70 ISK = ~1,260 ISK / 100 km
- EV (hotel AC) @ 18 kWh/100 km × 15 ISK = ~270 ISK / 100 km
Even at full fast-charger rates, an EV costs roughly 45% less per km than petrol.
Ring Road loop (1,322 km) total fuel cost
- Petrol: ~30,000 ISK
- Diesel: ~22,700 ISK
- EV (mostly fast charging): ~16,800 ISK
- EV (mix of AC at hotels + fast): ~10,000 ISK
Where you actually pay more in an EV
- Cold and wind: winter consumption can hit 22–25 kWh/100 km, which eats ~20% of the savings.
- Steep mountain roads: regen helps on the way down, but not enough to make up for the climb.
- Long stretches in the East and Westfjords: sometimes the only charger nearby is at peak rate (~80 ISK/kWh).
Where to fill up cheapest
For petrol and diesel, Atlantsolía, ÓB and Costco Garðabær are usually the cheapest. Costco needs a membership, but the saving (~20–30 ISK/L) pays for it quickly on a long trip. For EVs, AC chargers at hotels and in Reykjavík parking garages are the bargain. 10–20 ISK/kWh is common.
Which is cheapest overall
On running cost alone, an EV is the cheapest option for almost any Iceland itinerary, even at full fast-charge rates. It overtakes petrol or diesel within the first 2–3 days of a typical road trip. Two things muddy it: the daily rental price (EVs run 10–20% higher) and time spent charging (about 2 extra hours of stops on a Ring Road loop). For most travellers the savings, plus the cleaner ride, still make the EV the better deal.
To plan your charging stops, see the full station list or the network pages for Tesla, ON Power and N1.