Monday 19 March 2018

Fuel prices rising and will rise again according to the AA

Stock photo: Man filling car with petrol
Stock photo: Man filling car with petrol
Bob Flavin

Bob Flavin

Since October 1991 the AA has been surveying the price of fuel in Ireland and in the latest report the average price for a litre of petrol is now 128.4 cent and diesel 122.4 which means it's on the way up again. It looks like it might continue to rise.

The price of a barrel of oil during the summer of 2014 was $110 and over the last few months that fell to around $50 which was due to many factors that include over supply from Saudi Arabia while at the same time the US is producing more oil than ever before.

This all led to a drop in price at the pump in the short term, now the Euro is weak against the Dollar and every other currency which has led to the prices creeping back up. This price will continue to rise over the coming weeks as there's no sign of the Euro getting any better.

The best advice is to shop around, just because the price has risen in your local petrol station doesn't mean that it's risen everywhere.

In a survey carried out by us back in January there was big differences in prices across Ireland with some paying just 1.22c p/l for petrol and 1.17 for diesel.

Irish fuel taxes are at an all time high with 60pc of the price at the pumps going straight to the Government.

“We should be buying petrol for less than a euro a litre, but we won’t because of the extra austerity era taxes that have been applied since the crisis began and haven’t been lifted.” said Conor Faughnan of the AA.

IndoMotoring will be keeping a close eye on fuel prices over the coming months but we'd like to hear the prices near you. Tweet us a picture of the prices you find @indomotoring

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