Fuel Prices Are At Their Highest Level Since March

Fuel prices have hit their highest level since March of this year. 

New research from AA Ireland has found that a litre of petrol currently costs 136.9c on average, up 2c since October. 

A litre of diesel is about 126.1c, up 2.7c per litre in the same time period. 

According to AA Director of Consumer Affairs Conor Faughnan, approximately 60% of the price is tax.

“Admittedly, we have little control as a country over international factors like oil prices, but we do have control over the extent to which we tax fuels,” he said in a statement. 

“In the most recent budget the Irish government missed an opportunity to reduce taxes on petrol which could have served the dual purpose of reducing the financial strain on motorists and closing the price gap between petrol and diesel, which would aid efforts to get diesel cars off our roads.”

Rising crude oil costs have been identified as the main reason for the price increases – the cost of a barrel of oil has shot up by approximately $10 since late September. 

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