herald

Monday 23 April 2018

Motorists' joy as fuel prices take a tumble

Concern: Taxes still high. Photo: PA
Concern: Taxes still high. Photo: PA

A SLIGHT drop in fuel prices at the pumps in the past month has been welcomed by motorists.

The latest survey of prices from the AA shows that a litre of petrol dropped about 2.9c to 153.7c since October and diesel also fell by 1.6c to an average of 147.9c.

The drop, however, still means that a typical Irish motorist is spending €230.55 a month on fuel, of which €133.72 is Government taxes.

Prospect

The slight drop is "a nudge in the right direction so it is welcome as far as it goes", says AA Director of Consumer Affairs Conor Faughnan.

"We are still enduring very high prices, mostly because of very high taxes, but at least it has improved a bit this month."

However, the AA warns that there is no real immediate prospect of any dramatic drop in prices.

In fact oil prices have risen slightly on world markets and the euro has weakened against the US dollar in recent weeks which makes any significant further drop in prices unlikely.

"With winter weather approaching we would normally expect to see a seasonal rise especially in diesel prices," Mr Faughnan says.

The grim picture painted by the AA shows that although oil prices fell in the past couple of months and stocks appear to be reasonably high, "winter generally sees a light rise".

"Sadly there is no reason to predict any sort of major improvement any time soon," added Mr Faughnan.

He stresses that while motorists are "thankful that last month's budget did not make things any worse but it didn't make them any better either".

csheehy@herald.ie

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