A litre of unleaded petrol now costs an average of 150.2 cents per litre, down 0.6 cents on the figure for September. Diesel prices rose by 0.7 cent to an average of 142.9 cents according to the latest survey of fuel prices from the AA.
“Its one step forward and one step back for the Irish motorist but overall our prices are as bad as ever.” Says Director of Policy Conor Faughnan. “In recent weeks we have seen oil prices for Brent Crude strengthen a bit but then we have also seen the Euro creep a little higher against the dollar. The net effect is almost no movement in prices on Irish forecourts. 2011 overall has been a year of high oil prices and sadly it does not appear to be getting any better.”
“Oil prices are particularly high in Europe and they are really not rationally following trends in supply and demand.” Says Faughnan. “Markets have been behaving oddly as the Eurozone’s problems have continued, and oil prices are high even though forecasts for consumption are down and supplies are not as tight as they were. For the Irish motorist, and in fact for motorists right around Europe, this has proved to be bad news.”
The AA Fuel Price Index reveals that the average price of both a litre of unleaded petrol and diesel are approximately 15% higher than this time last year. When compared with average prices of October 2009 the increase is more dramatic still. The average price of petrol has increased by 29% within the last two years and diesel even more staggeringly by 36%.
“While global markets do have a role to play in the high prices we’re paying at the pumps, domestic taxes are still the biggest factor.” Reminds Conor Faughnan, Director of Policy, AA Ireland. “They are also the one thing that is under our control. As the Government frames its budget for 2012 and beyond we appeal to them to alleviate the crippling tax rate our on fuel. Every day we hear from ordinary commuters and businesses being crushed by unacceptably high fuel prices. It hurts consumers and it hurts the economy. ”
Notes to the editors;
Note 2: The AA’s Fuel Saving Tips.