03 Oct 2022

Petrol prices dip for first time in six months

Fuel Prices reach 18 month high

Petrol and diesel prices have fallen by an average of 1.1c per litre across the country, according to the latest monthly fuel prices survey from AA Ireland.

On average a litre of petrol now costs 136.6c, while a litre of diesel will cost 126.0c down from March’s prices of 137.7c and 127.1c per litre respectively. The decrease marks the first time since September 2016 that the price of a litre of petrol has fallen, while diesel has now fallen to its lowest level since the beginning of 2017.

“While it may not be the most sizeable decrease, particularly when we consider that the cost of a litre of petrol or diesel is still about 5c higher than it was at the end of 2016, this does represent some overdue good news for motorists,” Conor Faughnan, AA Director of Consumer Affairs stated. “While we don’t know what the future holds for fuel prices, after months of significant increases we will hopefully see a new trend emerge.”

Despite the drop in fuel prices, the motoring organisation has expressed concern over the tax levels imposed on fuel spend. The AA’s fuel prices survey found that tax accounts for 63.18% of the current price of a litre of petrol, and 58.30% of the price of a litre of diesel.

“Unfortunately this decrease, while welcome, won’t do much to ease the concerns of motorists who are still paying almost 10c a litre more for fuel than they were this time last year. In response to these increases the AA continues to offer all members and customers an AA Fuel Card which will see them get 4c off per litre of fuel purchases at select garages,” Faughnan added. “However, beyond this we would once again call on Government to assess the extent to which petrol and diesel spend is taxed.”

“We are a largely rural country where many motorists drive out of necessity and taxing fuel spend to the extent to which it is currently taxed makes it harder and more expensive for people to get to work. Instead of facilitating growth by making it easier for people to commute to work, the government is actually taxing fuel to the point where it becomes an anti-stimulus measure.”

While fuel prices have dropped on average nationally, the AA report noted a significant increase in the cost of a barrel of oil, a key trend in setting fuel prices. Since March 2017 the price of a barrel of Brent Crude Oil has risen from below $51 to a current level of $55.85 per barrel.  

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