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Applegreen’s oil storage facility raises questions about frequent price hikes

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One of the biggest petrol retailers has been accused of profiteering by driving up prices almost daily despite sharing a huge oil depot at Dublin Port.

pplegreen is the 50pc owner of a fuel station that can hold up to 90 million liters, which is meant to supply the filling stations for about 4 weeks.

This means that Applegreen resellers don’t need to raise gasoline and diesel prices so often.

It would have helped to better insulate Applegreen stores from price hikes, but motorists have accused Applegreen and other petrol retailers of raising prices on a daily basis since Russia invaded Ukraine more than two weeks ago.

Canadian-owned Circle K, which has 360 locations in the Republic, has also been heavily criticized, with some calling for a boycott of its stores.

Circle K denies raising fuel prices before the time of excise tax cuts.

The fact that Applegreen is joint owner – with Valero – of one of the State’s largest oil storage facilities has raised questions about how often its stores are raising prices at this time.

Having such a large fuel stockpile means pump prices go up much more infrequently, according to Consumer Association President Michael Kilcoyne.

He accused Applegreen and other gasoline retailers of “profiteering”.

Applegreen denied it was profiteering. It admits it is part owner of what it calls a “common fuel terminal” in Dublin Port.

But “we do not operate the facility and do not own the inventory.”

Several other large front-end operators, as well as smaller non-reserved operators, also deliver their fuel from the station, it said.

“Applegreen buys fuel daily, from multiple terminals across the island, including from the general fuel terminal in Dublin Port.

“The prices of these purchases are regulated by international energy markets and are also affected by exchange rates.”

These prices change on a daily basis, Applegreen said, based on movements in the international energy market.

“The prices our customers are paying at the pumps reflect current international market prices. Fuel prices have fluctuated rapidly over the past week and on a scale not seen in more than a decade.”

It comes after Taoiseach Micheal Martin said reports of price gouging at gas stations were “morally reprehensible”.

AA Ireland reports that gas station prices have started to fall. Crude oil prices have fallen, but others say gasoline retailers may be responding to accusations of price gouging by slashing their prices.

https://www.independent.ie/business/personal-finance/applegreens-oil-storage-facility-raises-questions-about-regular-price-hikes-41437971.html Applegreen’s oil storage facility raises questions about frequent price hikes

Fry Electronics Team

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