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February Fuel Prices Remain Stable

Published on Feb 19 2018 12:00 PM in Retail tagged: fuel prices / Forecourt / The AA

February Fuel Prices Remain Stable

Irish fuel prices have remained largely unchanged for the second month in a row, according to AA Ireland.

According to the AA’s latest monthly fuel prices survey, the cost of a litre of petrol has fallen by 0.1c (138.1c per litre) in the last month. Meanwhile, diesel costs have increased slightly by 0.4c – now sitting at an average price of 127.7c per litre.

Crude oil costs have fallen substantially since the start of February, following a period of sharp increases between December 2017 and January 2018.

The oil cost was back in line with prices before the December spike, with the cost of a barrel of Brent Crude Oil falling to $64.48 (as of 16.2.2018), down from almost $70 at the end of January.

Commuting Costs

“Certainly the drop in oil prices is welcome news not only for motorists but Irish consumers as a whole who may rely on other oil products such as home heating oil,” said Conor Faughnan, AA director of consumer affairs.

"While we’ve yet to see pump prices truly react to the drop in oil costs, we are at least able to say that commuting costs for motorists haven’t gotten any worse over the past month,” Faughnan said.

“However, fuel costs are still grossly excessive and the story has changed much from early January where we were discussing fuel prices ending 2017 at a high of over two years.”

In spite of the drop in oil prices, the per litre cost of both petrol and diesel remains close to its highest price in more than two years. The monthly increase in diesel costs means that the per litre cost of this fuel has reached its highest level since August 2015.

© 2018  - Checkout Magazine by Kevin Duggan

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