Gasoline and diesel prices are falling sharply and more relief is on the horizon as oil prices fall

Petrol and diesel prices have fallen sharply in recent weeks, but they are still well above what motorists were charged last year.

Rivers are charged an average of €1.86 for a liter of petrol and €1.89 for diesel, a new survey by AA Ireland shows.

As recently as July 1, the price for petrol was EUR 2.16 and for diesel EUR 2.15, according to the automobile association.

That means gasoline is down 30 cents a liter — a 14 percent drop; and diesel is down an average of 26 cents, or 12 percent, since July 1.

Paddy Comyn, AA Ireland’s Head of Communications, said: “It’s good to see fuel prices moving in the right direction.

“However, we have to note that as recently as March, these would have been record gas prices, so we still pay a lot to fill up our car.”

Mr Comyn said high fuel prices are causing stress for people who rely on their cars.

Last year the prices at the pumps were much lower at this time.

Motorists paid 1.55 euros for petrol and 1.44 euros for diesel.

That means gasoline is up 20.5 percent and diesel is up 31 percent over the past year.

A price survey on social media account found that average fuel prices are now lowest in Counties Cavan and Roscommon at €1.80.

Higher average prices of €1.92 to €1.91 were recorded in Co Westmeath and Co Cork.

Global crude oil prices have recently fallen sharply.

The price fell to a 6-month low yesterday on concerns over the prospect of a global recession.

This raises some hopes that Irish consumers and businesses will see an easing of the inflationary crisis.

Brent crude fell 0.5 percent to $91.90 a barrel, the lowest since Russia invaded Ukraine in February.

Stephen Brennock of oil brokerage PVM told Reuters: “The oil market is struggling to shake off recession fears and there is little sign of that changing anytime soon.”

Brent crude for September delivery was trading as high as $120 a barrel in early March, which helped push pump prices at Irish service stations to over €2 a liter. However, it could take around two weeks for a sharp fall or rise in Brent crude prices in Ireland to be reflected in retail petrol station prices.

Meanwhile, the emergency reduction in mineral oil tax will be extended well into next year.

This is part of budget plans to ease the burden on families of rising costs.

It is likely that the 20 cent per liter excise duty cut on gasoline and the 15 cent per liter diesel excise duty cut will be extended into the spring. The cuts should end this fall.

The cut of 2 cents a liter for green diesel is also likely to be extended as part of a range of measures to be introduced this year to address the impact of inflation, which is at more than 9 per cent.

The reduction in excise duty
has reduced the cost of a 60 liter tank of petrol by 12 euros and diesel by 9 euros.

Fuels for Ireland’s Kevin McPartlan said it was crucial that the government made it clear that the excise duty cuts would not be reversed as part of the 2023 budget.

“The prospect of a €10 increase in the price of a tank of gas will only lead to a sudden and uncontrollable increase in demand,” he said. Gasoline and diesel prices are falling sharply and more relief is on the horizon as oil prices fall

Fry Electronics Team

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