Fuel prices set to hit record high

Mon, Aug 20, 2012, 01:00

MOTORISTS are facing further pressure next week, with AA Ireland predicting the price of petrol and diesel is set to rise to record levels.

According to the motoring organisation, petrol will reach €1.70 per litre next week, with diesel reaching €1.60.

The average price of petrol is currently €1.63.

“We’re expecting very significant price rises over the next week or two weeks, and we might see €1.70 per litre in the space of next week to 10 days for petrol,” AA Ireland’s Conor Faughnan told RTÉ Radio.

“That is by a country mile the most we’ve ever paid for it.”

Almost 60 per cent of the retail price of petrol is made up of taxes levied by the State, Mr Faughnan said.

Other factors influencing fuel prices are the rise in oil prices and the strength of the euro against the dollar. The euro is about 16 per cent weaker against the dollar than it was a year ago.

“But the biggest factor of all is taxes imposed by the Dublin government, and we shouldn’t lose sight of that,” Mr Faughnan said.