Falling Retail Prices 'Good For Consumers', Says IPRA

The Irish Petrol Retailers Association has welcomed the further fall in oil prices in global markets, saying that such a move is 'good news' for consumers feeling the pinch at the pumps.

A slowdown in China's economy, coupled with a shale oil boom in the US is leading to a reduction in prices, which are 15% lower than in August 2014.

"The local retail fuels market is highly price sensitive and competitive and price changes are usually passed on swiftly by retailers to retain local custom," said David Blevings, media spokesperson for the IPRA.

"If these reductions in global oil prices continue we can look forward to further decreases at the pumps."

© 2015 - Checkout Magazine by Stephen Wynne-Jones