Prices at petrol pumps to keep ‘drifting upwards’

A weak euro and the end of crude oil price drops are contributing to the continued rise in fuel prices

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13 April 2015 | 0

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The lower fuel prices enjoyed by motorists earlier this year are no more, according to the latest data from the Automobile Association (AA).

Petrol prices have continued to rise this month – on average by 3c a litre more than last month and 10c more per litre than in February. On average it now costs motorists an average of €1.39 a litre to fill up their vehicle. For a typical 50-litre tank, this means it now costs €5 more to fill up than it did just two months ago.

Diesel prices are also on the up, costing an average of €1.305 per litre, an increase of over 8c a litre on February’s price.

AA director of consumer affairs, Conor Faughnan said that the weak euro and the demise of crude oil price drops, are contributing to “fuel prices [being] likely to continue drifting slowly upwards”.

Faughnan said the world price of oil “stopped falling in January and has even gone up a little since then”.

He said this upward trend in fuel prices was likely to be more pronounced in petrol prices, as world diesel prices tended to fall slightly during the summer months. However he added that many factors are involved and it is subsequently difficult to predict fuel prices more than a month in advance.

The Irish Independent reports that despite these recent rises, petrol prices remain significantly below the highs of over €1.57 a litre last summer, and the all-time Irish high of €1.70 a litre in September 2012.

 

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