Relief for motorists as petrol and diesel prices drop

Beleaguered motorists have been given a relative respite from rising costs as petrol and diesel prices have dropped at forecourts across the country in recent days. 

The latest fuel survey from AA Ireland shows that charges for a litre of petrol is now on average 200.3c
while a litre of diesel is slightly higher at 201.8c.

Of that charge per litre of petrol, excise and VAT accounts for 102.23c, while for diesel it is  91.64c.

Commenting on the drop in prices Paddy Comyn from AA Ireland told Newstalk Radio: "We are seeing a reduction in prices across the country".

"Our most recent fuel price survey has seen that petrol is now on average just over €2 a litre but in many parts of the south of the country - especially down south in Cork, it’s much less than that.

"It would appear that in some parts of the country retailers are selling petrol and diesel at little or no profit to attract customers in," Mr Comyn said. 

Following Russia's invasion of Ukraine, countries moved to reduce their dependence on Russian fossil fuels.

This caused global prices to surge and Mr Comyn said there is no way the industry can predict what will happen in the long-term: 

"We don’t have a great crystal ball for these things," he said. 

"Things did look like they were getting very, very bad about four to five weeks ago but thankfully the predictions of it reaching as much as €2.50 a litre haven’t materialised for now. 

"So if anything we can look forward to perhaps a few weeks of stability," Mr Comyn said.