herald

Wednesday 22 November 2017

Petrol down for first time in six months

 

It is the first time since last September that the price of a litre of petrol has fallen
It is the first time since last September that the price of a litre of petrol has fallen

Petrol prices at the pumps have dipped for the first time in six months, and diesel is at the lowest price since the start of the year.

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 which tracks prices on a continuing basis.

On average, a litre of petrol now costs 136.6c at the pumps, with diesel selling at 126c. Last month, petrol averaged 137.7c a litre and diesel was 12 7.1c

It is the first time since last September that the price of a litre of petrol has fallen, while diesel has now dipped to its lowest level since the beginning of the year.

Overdue

"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," said Conor Faughnan, the AA's director of consumer affairs.

"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."

The latest falls reflect a drop in world oil prices last month now being passed on.

International oil prices are volatile at the moment.

Yesterday, crude oil prices slipped on world markets, but that followed three straight weeks of gains.

Prices fell yesterday because rising oil output from the US hurt efforts by the Saudi Arabia-led OPEC group of oil exporters to keep prices up by limiting supply.

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