Business Irish

Saturday 27 May 2017

Drivers yet to see benefits of plunging oil prices

Crude prices are set to rise from current
Crude prices are set to rise from current "very low" levels. Photo: Getty

Jane O'Faherty

Despite oil prices plunging, the amount charged at the pumps remains relatively static, according to an Irish Independent survey.

A poll of petrol stations around Ireland showed there was a difference of just 6c between the dearest and cheapest prices for petrol sourced.

The survey gathered prices from service stations in Dublin, Cork, Galway, Limerick and Waterford - as well as a number of regional towns.

Prices in Dublin, Cork and Limerick all averaged at around 128c per litre, while diesel varied between 115.9c and 116.8c.

The average in Galway was 129.9c for petrol and 117.5c for diesel. Meanwhile, Waterford prices averaged at 126.9c and 115.9c for petrol and diesel respectively.

AA Ireland said oil prices were the lowest they had been in five years. However, the motorists' group claimed consumers had yet to see any major savings.

Conor Faughnan, the AA's director of consumer affairs, said reasons consumers were not feeling the benefits in the forecourt included a weaker euro compared with the dollar. However, he told the Irish Independent that "emergency era" fuel taxes were driving up costs.

"From the motorist's point of view, we would love to see the tax gone. But I think one has to be realistic," he said.

Spokespeople for Texaco and Maxol said their service stations determined their own prices. Topaz, Amber Oil, Campus Oil, Great Gas and Applegreen were unavailable for comment.

The survey was conducted on December 16, 2015.

Irish Independent

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