Prices still fuel resentment in spite of drops
Petrol and diesel costs fall for 4th month in row
FUEL prices have fallen for the fourth month in a row but motorists are still paying more than they did last summer.
Research from AA Ireland shows both petrol and diesel dropped by 4c per litre over the last month to €1.68.
The lowest drivers had to pay last year was €1.57 for petrol and €1.47 for diesel.
The monthly Fuel Price Survey said the last time prices at the pump dropped for four months in a row was in 2017.
Blake Boland from AA Ireland said: “Motorists in Ireland have been struggling with costs of late, and this fuel price drop takes a little of the sting out of their monthly bills.
“This means that prices are now 17c cheaper than they were in September.
“However, prices are still high in comparison to the summer of last year when we saw lows of €1.57 per litre for petrol in May. Diesel was as low as €1.47 in May.”
He added that crude oil prices have risen slightly since December, but are nowhere near the top prices paid last year. Blake explained: “Thankfully crude oil prices have reduced since we saw highs of $94 per barrel in late September.
“It is now hovering around $79 per barrel. Although not directly linked, it is great to see this fall in crude oil prices transfer ring to the pumps in Ireland over recent months.”
H e did warn however that conflict in Ukraine and the Middle East could see prices surge.
Blake said if a motorist was to reduce their motorway speed from 120km to 100km they would cut their fuel bill by 29%. He also noted that charging costs for electric vehicles had dropped slightly.
He said an electric vehicle owner who covers around 17,000km will now pay on average €967 per year compared with the December average of €975.
He said: “EV drivers need to shop around to get the best rates possible on their home electricity.
“There are new entrants to the market and lots of favourable switcher rates. There are significant savings to be made by switching to an EV in the right way.”