Farming

| 19.8°C Dublin

Farming

Fuel prices have barely moved despite collapse in cost of crude

Close

Stock Image

Stock Image

Stock Image

Petrol and diesel prices have barely moved since the start of the year despite a collapse in crude oil prices.

Figures from AA Ireland show that petrol prices at the pumps are down just 12pc this year, despite crude prices falling by 50pc.

The cost of a litre of both petrol and diesel has remained largely unchanged since last month. The latest AA fuel survey shows that petrol has increased slightly by 0.4c in the month to a current price of 126.9c per litre. Diesel has not moved from its price last month of 116.9c per litre.

Since the start of the year, prices have dropped for both. At the start of the year petrol cost 144.5c, with diesel costing 135.9c on average. This is down 12pc on the year, a time when crude prices fell by 51pc.

Crude oil accounts for up to a quarter of what we pay at the pump for a litre of fuel, with the rest consisting largely of taxation, AA Ireland's Conor Faughnan said.

He added that, although there has been some rise in crude prices recently, the price of a barrel of crude has halved from where it was at the end of last year and the start of this year. "

Irish Independent