The price of petrol has reached the highest level since March, according to the latest fuel prices survey from AA Ireland.
The average costs of a litre of petrol costs 136.9c on average while diesel is at 126.1c per litre which reflects a 2c and 2.7c increase, respectively.
Conor Faughnan, AA Director of Consumer Affairs stated: “The latest prices are the highest we have seen since March of this year and, in the case of petrol, the second highest figure that we have seen in the past two years.
Faughnan outlined that approximately 60% of what motorists pay at the pump is tax.
Rising Crude Oil Costs
Rising crude oil costs have been identified as the main factor in the increased fuel prices, with the cost of a barrel of oil having risen by approximately $10 since late September.
“In the past two months alone we’ve seen a major swing in the cost of a barrel of oil, peaking at over $64, which has led directly to this latest increase in petrol and diesel prices. While we don’t know what the future holds for these prices, any further increases would certainly represent bad news for motorists,” Faughnan added.
According to the motoring organisation's research, based on an average mileage of 19,200km per year and a consumption rate of 9.42 litres per 100km, a motorist will pay €205 per month for petrol, of which €129.56 is tax, or €189.15 for diesel, of which €110.22 is tax.
© 2017 - Checkout Magazine by Donna Ahern