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Disparity between fuel prices and historic cost of oil barrel queried by Cork TD Michael Moynihan

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The price being paid for motor fuel on the forecourt is considerably higher now than in 2008, when the cost of a barrel of oil was actually higher.

The price being paid for motor fuel on the forecourt is considerably higher now than in 2008, when the cost of a barrel of oil was actually higher.

The price being paid for motor fuel on the forecourt is considerably higher now than in 2008, when the cost of a barrel of oil was actually higher.

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WHILE the price of motor fuel is now at an eye-watering €2.11 per litre for drivers, the cost of a barrel of oil is at the same level now as it was when the price of litre of unleaded or diesel was considerably less at €1.30.

This disparity has been queried by Cork North West Fianna Fáil TD, Michael Moynihan, as he questioned the Minister of Finance, Paschal O’Donoghue, in the Dáil last week.

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While the issue has been raised by a number of opposition TDs in recent weeks, Deputy Moynihan is the first representative of a Government party to question the disparity.

“The high cost of fuel is among a number of pressing issues impacting society and challenging families across the country,” said Deputy Moynihan

“However, when looking at the cost of a barrel of oil in the recent past and the corresponding price of petrol at the pump, the comparison is stark.

“According to AA figures for June 2022, the average price for a barrel of oil is $120, with the average petrol price at the pump coming in at €2.11 per litre, however, back in June 2008, the cost of a barrel of oil was up at $133.90 with the price at the pump for a litre of petrol coming in at €1.30.

“Why is there such a difference in it when it was exceptionally high back then and it is at a reasonable price today, and is there something Government can do to examine this, even taking a look back at a number of years and seeing where the price of crude was not showing the inordinate increase that we are seeing at the pump today.”

In his response, Minister for Finance Paschal Donohoe stated that he would liaise with his department and the other relevant departments on the issue.

Opposition TDs have accused the Government of profiteering because the higher price of fuel means a higher level of excise tax, VAT and carbon tax is payable to the Exchequer as the taxes are proportionate to the price.


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