Motorists hit hard as petrol and diesel prices continue to climb
The cost of a litre of petrol and diesel are up 1c each, according to the June AA Ireland fuel price survey. Prices were also up last month.
The AA said that the rise in prices may be modest, but the increase adds further pressure to motorists already managing the high cost of living.
Electric vehicle (EV) charging prices, however, remain stable. AA Ireland said this meant EVs continue to offer a reliable alternative to petrol and diesel-fuelled vehicles.
Petrol now costs an average of €1.77 per litre, up 1c since last month. Diesel has risen to an average of €1.69 per litre.
A spokesperson at AA Ireland said: 'June has brought a further rise in fuel prices, with both petrol and diesel seeing increases.
'While the changes are relatively modest, they still add pressure for drivers, especially those commuting regularly.
'The continued stability of EV charging costs is a bright spot for those considering more sustainable motoring options.'
With fuel prices trending upward, AA Ireland reminded drivers that small changes in driving behaviour can lead to meaningful fuel savings.
Motorists had been fearing a surge in crude oil prices
Maintaining proper tyre pressure, driving smoothly, reducing unnecessary weight in the vehicle, and limiting air conditioning use are all ways to improve fuel efficiency.
Planning journeys and avoiding heavy traffic can also help cut down on fuel usage.
Motorists had been fearing a surge in crude oil prices after conflict broke out between Israel and Iran, and especially due to threats from the Iranians to close the Strait of Hormuz, an important oil trade route.
But a US-brokered ceasefire has meant Brent crude oil prices have fallen back below $70 (€60), well off Monday morning's highs of over $81 per barrel.
Giovanni Staunovo, commodity analyst at multinational investment bank UBS, said: 'Concerns about oil supply disruptions have declined.'
He said demand is still holding up in the US, while trade tensions were not as bad as some were fearing.
Industry data showed US crude inventories fell by 4.23m barrels in the week ended June 20, market sources said, citing American Petroleum Institute figures from Tuesday.
Traders and analysts are also seeing some support from market expectations that the Federal Reserve could soon cut US interest rates.
Lower interest rates typically spur economic growth and demand for oil. Over half of the price of a litre of fuel at the pumps is made up of government taxes and levies.
Industry group Fuels for Ireland has called for an expert group to be set up by the Government to review the taxation on fuels ahead of the Budget.
It was revealed to the Dáil that the Exchequer is now taking around €4bn a year from taxes and levies on motor fuel and energy products.
Around €1bn of that is carbon tax, which has doubled in the last five years.
Heating oil costs have been surging lately with the price of 1,000 litres now approaching €1,000, according to price comparison site OilPrices.ie.
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Irish Independent
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RTÉ News
2 days ago
- RTÉ News
How are fluctuating oil prices affecting motorists at the pumps?
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RTÉ News
2 days ago
- RTÉ News
Nike shares rally as turnaround takes shape amid tariff woes
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