Monday 23 October 2017

Fuel prices fall 3c – but expect a seasonal rise

Paul Melia

Paul Melia

THE cost of running the family car has fallen this month, with fuel prices down by 3 cent per litre.

The latest AA fuel price survey shows petrol has dropped from October to an average of 153.7 cent, down 2.9 cent, with diesel down 1.6 cent to an average of 147.9 cent.

The AA said its survey was "welcome" but warned there was no real prospect of a dramatic drop in prices over the medium term.

With the onset of winter weather, prices – especially for diesel – would probably rise. Other factors, including the slight rise in oil prices on world markets and weakening euro against the dollar is also fuelling hikes.

AA spokesman Conor Faughnan said: "With winter weather approaching, we would normally expect to see a seasonal rise, especially in diesel prices.

"Oil (prices) fell back quite a bit in the last couple of months and there appears to be reasonably high stock levels currently.

"But even so, winter generally sees a slight rise."

Some 58pc of the price of a litre of petrol is made up of taxes imposed by government.

Based on mileage of 19,200 kms a year, and a consumption rate of 9.42 litres per 100 kms, the 'average' car uses 150 litres of fuel per month.

"That means that a typical Irish motorist is spending €230.55 per month on fuel of which €133.72 is tax," Mr Faughnan added.

Irish Independent

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