AA Ireland December survey shows drop in prices

• petrol drops 8c per litre to €1.72

• diesel drops 9c per litre €1.72

• Prices still elevated above yearly lows of €1.57 for petrol and €1.47 for diesel

• Crude oil drops to circa $75 per barrel

• Electric Vehicle fuelling remains elevated

The AA Ireland’s latest monthly Fuel Price Survey has shown a significant drop in petrol and diesel prices over the last month.

Petrol is down from €1.80 per litre in November to €1.72.

Diesel has fallen 9c per litre, from €1.81 to €1.72.

Blake Boland, head of Communications for AA Ireland, said: “This is the third month in a row that prices have dropped at the pumps, welcome news to the Irish motorist. Prices remain elevated, however – we saw yearly lows of €1.57 per litre for petrol in May. Diesel was as low as €1.47 in May.”

Mr Boland said oil prices have continued to fall this month. “We saw year-highs of around $94 per barrel for Brent Crude at the end of September, but it is currently rivalling yearly lows at $75 per barrel.

“We’re also seeing a milder winter so far, which is easing demand.

“Cuts in supply by OPEC countries haven’t had the impact expected on international markets, as oyher countries stepped in to take advantage of high oil prices, and that is a factor in reducing the cost.”

“Things are still far from certain on where fuel prices are going in the coming months. The situation in the Middle East is unstable, and we’re yet to see if Europe will experience cold that would drive up demand.

“But in the short-term, we are seeing prices drop and we hope that this trend continues into the new year.”

Electric vehicles

The cost of refuelling an electric vehicle in Ireland has remained steady this month, according to the AA Ireland Fuel Price Survey.

It dropped from €978 to €975 for the average Irish driver covering 17,000km per year.

This figure of €975 compares favourably with combustion engine equivalents. A similarly sized diesel vehicle will cost approximately €2,047 to cover that 17,000km.

Mr Boland said: “EV drivers should ensure that they shop around and get the best rates possible on their home electricity. Those with smart meters taking advantage of cheap night-time rates could see their yearly bill for the national average of 17,000km dropping to just under €300. There are significant savings to be made.”