Motorists in the Republic will face further petrol price rises in coming days, despite a decision by Saudi Arabia to boost crude oil production which should reduce wholesale oil prices. Maxol has decided to raise wholesale prices by three pence per litre of unleaded, one pence per litre of diesel and two pence per litre of super. Other wholesale fuel suppliers could follow with price rises in the short term.
Retailers are expected to pass the rises on to motorists before the end of the week, bringing the pump price of a litre of unleaded petrol above 75 pence per litre in service stations around the country - a jump of more than 20 per cent in under a year.
The other major petrol retailers contacted by The Irish Times yesterday refused to comment on whether they would follow Maxol's but none ruled out a price rise in the short term.
Mr Declan Fallon, corporate services manager for Shell, said a price increase may be necessary shortly due to the hardening of prices charged by wholesale refineries.
A spokeswoman for Statoil urged motorists to be cautious in their expectations for cheaper fuel prices. Several factors influence the pump price for petrol, including the wholesale price for crude oil, the prices charged by refineries, the strength of the dollar - the base currency for crude oil transactions - and local competition among petrol retailers.
In April this year the Irish Congress of Trade Unions sought a reduction in duties on petrol and diesel to help curb inflation and protect workers' living standards.
A comparison of fuel prices in the Bray area yesterday shows prices for a litre of unleaded petrol at around 73 pence, diesel 66 pence and super 85 pence among major retailers.
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