The price of petrol and diesel rose sharply again in the last month according to the latest fuel price survey from the Automobile Association (AA).
Petrol prices continue on a steady curve and are rising towards the record prices, which we saw in 2008. A litre of petrol now costs 127.7 cent, up a startling 5.30 cent since the start of the year.
While diesel remained rather static last month, it has risen sharply this month adding 2.20 cent per litre, up a total of 2.80 cent since the start of the year now averaging at 117.8 cent per litre.
The most significant factor affecting fuel prices in Ireland is recent dramatic changes in global oil prices. This has particular effect in Ireland due to our high dependency on oil. A barrel of oil now costs approximately $82, up $5 on last month.
In addition to this global phenomenon, Irish motorists are still suffering from the tax increases imposed in the last budget which added 4 cent to petrol and 5 cent to diesel. Irish tax hikes are often clouded by fluctuating global oil prices.
“What is most striking is how much fuel prices are headed towards 2008 prices,” says Director of Policy Conor Faughnan.
“If families, drivers on fixed incomes and those on low pay were unable to cope with record prices then, they are even less likely now.”
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