Boost for drivers as petrol retailers cut prices at the pumps

Applegreen, which has 200 forecourts across the country, will cut its prices by up to 10c.

Circle K, the biggest chain with 410 outlets, is understood to be planning to cut prices by up to 10c a litre at many of the sites it operates.

Maxol said it had reduced prices by up to 10c a litre from yesterday, on top of a recent 2c cut.

There are around 130 outlets operating under the Maxol brand.

The reductions come as questions have been asked as to why retail prices have not come down with the cost of crude falling for months and crashing by 50pc this year.

Gouging

This week, the Central Statistics Office reported that petrol prices had surged by 8.7pc in the year to February, with diesel up 5pc.

Petrol and diesel retailers and importers have been accused of price gouging by the Consumers' Association.

However, they responded by denying motorists are being ripped-off, claiming much of the cost at the pumps is accounted for by tax.

Applegreen responded to the criticism with cuts of up to 10c a litre from today.

This was quickly followed by indications that Circle K would introduce similar decreases. Other petrol and diesel retailers will be forced to respond.

Texaco has around 150 forecourts, and there are many independent retailers across the country.

"The recent fall in the crude oil price has now come through the supply chain and we are delighted to be able to drop our prices," Applegreen Ireland managing director Daire Nolan said.

Applegreen said it was pass- ing savings directly on to customers in response to the lowering of crude oil prices.

It is understood the price drops will be between 8c and 10c a litre.

This means the average price at Applegreen forecourts will fall to 132.2c a litre of petrol and 122.1c a litre of diesel, the retailer said.

The spread of the Covid-19 virus beyond China is weakening demand for energy, with crude oil, wholesale electricity and gas prices all falling heavily.

Fuel retailers have been at pains to point out there is no need for drivers to panic-buy as there is a "healthy" supply of fuel in the country.

Household energy suppliers are expected to come under pressure to reduce their prices, as wholesale gas and electricity costs have also crashed this year.