The cost of motoring has inched downwards in recent weeks with the latest AA fuel price survey published on Thursday suggesting that the average cost of a litre of petrol or diesel is down 3 cent when compared with October.
The prospects for a further decline in the weeks ahead look promising, the AA suggested meaning that average costs could be below €1.80 as we head towards the busy Christmas period.
According to the price survey, the average cost of a litre of petrol across the State is now €1.80 while the average cost of a litre of diesel is €1.81 with the slight falls attributed to an easing back of the price of a barrel of oil on international markets.
“This is the second month in a row that fuel prices have dropped,” noted the AA’s head of communications Blake Boland. “Having seen dramatic rises in fuel prices from lows of €1.47 for Diesel in May, motorists will be relieved to see prices coming down slightly again,” he continued. “There was a worry that we would see the €2 per litre mark being hit this year. Thankfully, this has not materialised and looks unlikely to happen.”
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The Government delayed the excise duty restorations that were due last month until well into 2024, a move which kept prices steady although a 3 cent per litre increases in the Carbon Tax in the Budget prevented prices dropping even further.
In addition, the price of crude oil eased from highs of $94 per barrel in September to $78 per barrel in the middle of November. In the middle of this week, the price was $81 per barrel.
Mr Boland warned that the ongoing conflict in the Gaza had made market nervous “and it’s far from certain that prices will remain stable. However, stocks being delivered to forecourts this week suggest that prices will be slightly lower again as we approach the end of November, with many people around the country paying below €1.80 per litre for both petrol and diesel.”
