Boost for motorists as fuel prices drop

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Fuel prices in the Republic have now reached their lowest level since April and coupled with the strong sterling-euro rate, it all means good news for local motorists.

The falling pump prices are partly the result of a recent drop in the cost of oil, which now sits at €45.54 a barrel compared to a high of €49 in mid-July.

While one litre of petrol costs an average of 127.5 cents, down 3.8c and diesel sitting at 114.3 a litre, dropping by 2.3c, a survey of prices at petrol stations from Buncrana to the border yesterday morning depicted local petrol stations’ prices at just below the national average.

Prices were varied, however, with the majority of pumps having a litre of petrol priced at 125.9 with diesel varying around the 112 and 113 cent mark. The lowest price was 1.20c for petrol and 108.8c for diesel in Lisfannon while closer to the border, the prices go mor expensive.

A litre of petrol closer to Derry will set the motorist back 131.8c and diesel at 119.9c, just above the national average.

Conor Faughnan, of the AA, told the ‘Journal’ that the really good news for motorists and those homeowners who use oil is that “in so far as we can tell from the tea leaves, there doesn’t look to be an immediate prospect of the price going up” over the next couple of months.

He added that while this will change heading into the winter season in October/November, “at the minute there’s no evidence of anything contributing to a price increase” soon.

Mr. Faughnan said while the price drops “aren’t dramatic, they are very welcome.”

He stated, however, that the bigger issue is the amount of tax charged on fuel in the Republic of Ireland.

“A litre of petrol actually costs about 40 cents,” he confirmed.

“About two thirds of the price of fuel is tax, which goes to the government.”