Motorists face petrol price hike 'fuelled by greed'
Friday January 04 2008
MOTORISTS are to be hit with another price hike after retailers were told to increase the price of petrol in wake of the world's first $100 (€67.79) barrel of oil.
Greed has fed the latest increase in fuel prices around the country, according to the Consumers' Association of Ireland, and it says the increases were unfair and unjustified.
Dermot Jewell, Chief Executive of the Association said that the hysteria behind the $100-a-barrel landmark is based on a false statistic.
"That was a one-off transaction, by a particular speculator who wanted no more than to get his name on the records as being the first man to buy at the $100-a-barrel rate," he said.
"There is a very definite psychological effect happening here, there is fear on the consumer's part and greed on behalf of retailers and distributors."
Unfair
Yesterday, some garages in the Northwest were contacted by their distributors and told to increase their prices. Mr Jewell finds this very unfair to the consumer as "there would not have been a delivery of fuel at an increased rate".
The last 12 months has seen a doubling of the dollar price of oil, from a year low of $52 in early January 2007, to $100 currently. But the rise in the value of the euro versus the dollar means the euro price is up 60pc.
Last January it was common place to see prices of a litre of unleaded petrol around the €1 mark. Now it is more commonly around the €1.20 mark.
The lowest price found around the country was the Tesco garage in Ardkeen, Waterford, priced at 110.9c. This is the lowest by nearly three cents, with the next lowest being in Amber, Dungarvan, Waterford, at 113.7 cents.
One of the highest prices found was 124.8c in Lifford, Donegal, and the next highest price was found in Letterkenny at 123.9 cents.
However, the most expensive remains the Statoil station on Dublin's Ushers Quay, which is charging 179.9cents per litre.
Survey
An Irish Independent survey found the cheapest area of the country to buy fuel in is the Southeast, with an average price of 115.3 cents per litre of unleaded fuel. The Northeast has the highest average price at 121 cents per litre.
The next best prices were found in the South West with Tesco's Killarney selling a litre at 114.9 cents. The next lowest prices found were at the Maxols in Kenmare and Clonakilty, the Esso in Youghal and the Westend Filling Station in Ballincollig, all selling their petrol at 116.9 cents.
In the Midwest, the people in Limerick are fairing best, with petrol for 116.9 in the Westend station in Newcastle West and 117.4 cents in the Amber Station on the Old Cork Road in Limerick.
Galway and people living in the west can go to Smyth's in Williamstown or Howley's in Gort and get petrol for 117.9 cent per litre.
Dublin motorists are best served by the Applegreen or Tesco garages that can pump out petrol at 115.9 cent per litre, while the Midlands and Borders are best served in the Tesco's in Tullamore, where petrol is 115.9 or the Bellurgan Service Station in Dundalk where petrol is 118.9.
Including inflation into all factors, there have only been two occasions when oil prices were this high.
The first was in 1973 when the Organisation of Petroleum Exporting Countries imposed an embargo on exports. Then in 1979 there was another major surge in oil prices.
- Colin Bartley
