Fuel prices set to reach new record high within weeks

Families facing back to school costs are set to be dealt another bitter blow according to AA Ireland who have indicated that the price of both petrol and diesel could surge by as much as 7 cent per litre within the next week or two. The unwelcome news means that motorists could be paying as much as €1.70 per litre of petrol and €1.60 per litre of diesel within weeks which would pass the previous record high of €1.659 set last May. 

Families facing back to school costs are set to be dealt another bitter blow according to AA Ireland who have indicated that the price of both petrol and diesel could surge by as much as 7 cent per litre within the next week or two. The unwelcome news means that motorists could be paying as much as €1.70 per litre of petrol and €1.60 per litre of diesel within weeks which would pass the previous record high of €1.659 set last May. 

“It has been the year from hell for fuel prices” explains Conor Faughnan, Director of Consumer Affairs, AA Ireland. Explaining the reasons for the increase Mr Faughnan said, “Firstly, there is the rise in oil prices. This fell back a bit during May and June but has turned upwards again. Secondly, there is the value of the Euro which is down by 16.5% since this time last year.”

“It currently costs a family driving a saloon car with a typical 55 litre tank €87.70 to fill it up, that could rise to €93.50 in the next week or two.”

Mr Faughnan urged the Government to take action in the upcoming budget saying, “They have the ability to loosen their stranglehold on motorists and businesses who are struggling desperately with the cost of fuel and we implore them to take action and overhaul of their fuels taxation policies for Budget 2013.”