Across the country, a litre of petrol currently costs an average of 94.6 cent, a 6.8 cent reduction in the December figure. In comparison, diesel fell by 7.4 cent to 94.4 per litre, meaning that prices have fallen by 30 per cent over the past six months.
“It’s another sharp fall in the average price this month,” according to AA public affairs manager Conor Faughnan. “It’s a relief to ordinary motorists and it puts more money in their pockets.”
With oil prices falling further in the last few days (down to US $37 at the time of writing) and the Euro remaining strong against the dollar, the prospect of further low prices looks assured – if only for a few weeks.
“We don’t know how long this will last, but enjoy it while it does,” added Faughnan. “If 2008 taught us anything it’s that oil prices are unpredictable and prone to huge volatility. Prices are low for now.”
He added: “Six months ago petrol and diesel were 133.5 and 143.8 cent respectively. The 30 per cent reduction has made a big difference to family budgets.”
The AA calculates that a 1.6 litre family car (petrol) clocking 12,000 miles annually and obtaining 30 miles per gallon will use 150 litres of fuel monthly.
Last July, that rate would have set a motorist back €200. Interestingly, it currently costs €142. Indeed, the €58 reduction would have come to €70 were it not for the excise duty increase announced in the infamous Budget.