Fuel prices ended 2017 with their highest per litre cost of the entire year, with petrol prices at their highest in over two years, according to a recent analysis by AA Ireland.
The average price for petrol has now risen to 138.3c per litre, while a litre of diesel comes at an average price of 127.1c, according to the AA.
This latest increase means that both fuels ended 2017 with their highest per litre price in the past 12 months, with petrol now at its most expensive since August 2015.
The rise in fuel prices is mainly due to the continued rise in oil prices, with the cost of a barrel of oil between $62-$68 from early December into January 2018.
According to the AA, an average motorists who drives 12,000 miles per year (19,200 km) at a fuel consumption rate of 30 miles per gallon (9.42 litres per 100 km) will use 150 litres of fuel per month.
That tallies at €207.45 per month for petrol drivers, which includes €129.95 in tax. For the same mileage, a diesel motorist will spend €190.65 per month on fuel, of which €112.41 is tax.
Cause For Concern
AA director of consumer affairs Conor Faughnan said the continuing upward trend of oil prices poses cause for concern.
“Since August of last year we have seen continued, incremental monthly increases in the cost of both fuel and diesel, meaning more and more motorists are now feeling the pinch when it comes to covering their commute to work,” said Faughnan. “Motorists will be hoping that this trend reverses itself in 2018, but in the short term at least that doesn’t look likely.”
“While the future of motoring will be less reliant on fossil fuels, in the mean-time people still need to be able to afford the cost of their commute to work,” Faughnan added. “or some there are alternatives, such as public transport or cycling, but these aren’t feasible for everyone and particularly not for those living in rural Ireland where the public transport options simply aren’t there.”
He said that in the short term people can save on their fuel costs by car-pooling, using alternative methods of transport where possible.
The AA also offers its members 4c off every litre of fuel purchased at select stores, which is available through their app, he added.
What is truly required is government recognition of the negative impact of excessive taxation on petrol and diesel, according to Faughnan.
© 2018 - Checkout Magazine by Kevin Duggan