AA Ireland survey finds fuel is now cheapest since late in 2016

Industries News.Net - Sunday 16th July, 2017

DUBLIN, Ireland - According to a latest survey revealed by AA Ireland, fuel prices in the country are seen to have dropped consistently for the last four months. 

Prices, the survey revealed have fallen four months in a row - making the prices lowest since late in 2016.

The survey on fuel prices revealed that petrol prices have fallen by an average of 2.4 cents per litre while diesel has decreased by 3 cents per litre across the country.

Currently, it said that the average price of a litre of petrol in Ireland is 131.9 cents while a litre of diesel costs around 119.2 cents per litre.

In the month of June, prices for a litre of petrol and diesel were on average 134.3 cents and 122.2 cents respectively.

Further, the survey showed that the latest drop in fuel is now the fourth successive month in a row where prices have fallen and the cost of fuel is now at its cheapest since December 2016.

Conor Faughnan, AA Director of Consumer Affairs explained, “The last several months have brought good news for motorists when it comes to fuel prices and July has, thankfully, continued that trend. With the cost of a litre of fuel continuing to fall prices are moving closer and closer to where they were 12 months ago, with petrol prices just 0.6 per litre more expensive than it was in July 2016, although diesel is still almost 3c up on this time last year.”

He added, "Thankfully, as things currently stand many of the factors which inform fuel prices, such as European wholesale prices, are pointing in the right direction for motorists, although it’s impossible to know how long this trend will last for.”

The AA report noted that despite the national drop in fuel prices, a minor increase was seen in the cost of a barrel of oil - which was a key trend in setting future fuel prices.