Cost of filling up car at petrol pump to keep on rising
Published 13/04/2015 | 02:30
Petrol prices are still rising and the signs are that this is set to continue.
The latest figures from the Automobile Association (AA) show that the lower prices enjoyed by motorists earlier this year have been shortlived.
Prices at the pumps have continued to rise in April, with petrol prices clocking in at €1.39 a litre on average, which is 3c more per litre than they were last month, and 10c more than in February. The increase in just two months would add €5 every time motorists fill up a typical 50-litre tank with fuel.
Diesel prices are also on the rise, coming in at an average of €1.305 a litre, which is up over 8c on February.
And in more bad news for motorists, car insurance premiums are also on the rise, coming in at a massive 14pc more than they were this time last year, according to new Central Statistics Office figures.
A weak euro and the end of crude oil price drops means that "fuel prices are likely to continue drifting slowly upwards," said AA director of consumer affairs Conor Faughnan.
"The time of big price falls in fuel is over, as the world price of oil stopped falling in January and has even gone up a little since then," he said.
The fact the euro is nearly on a par with the dollar, compared with last May, when it was worth close to $1.40, is also making it more expensive to import oil to Europe.
The upward trend in fuel prices was likely to be more pronounced in petrol prices, as world diesel prices tended to get a little cheaper during the summer months, Mr Faughnan said.
However, he cautioned against predicting fuel prices more than a month into the future, as so many factors came into play.
Although petrol prices are going up again, they are still well below the highs of over €1.57 a litre last summer, and the all-time Irish high of €1.70 a litre in September 2012.
Prices still vary wildly, with some petrol stations in south Dublin charging as much as €1.42 a litre yesterday, compared with €1.35 in others.
Data from comparison site Pumps.ie shows prices in Cork city yesterday also ranged from €1.34 to €1.42 a litre, depending on where you fill up. The price of a barrel of oil is now around $55 a barrel, compared with $110 last summer - but it's up from $48 in January.