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How are fluctuating oil prices affecting motorists at the pumps?
How are fluctuating oil prices affecting motorists at the pumps?

RTÉ News​

time6 hours ago

  • Automotive
  • RTÉ News​

How are fluctuating oil prices affecting motorists at the pumps?

Motorists are feeling the pinch at the pumps this month, as both petrol and diesel prices are rising. While the month-on-month changes are relatively minor, they still add financial pressure especially for those commuting regularly and long-distance drivers. Several factors are driving these price hikes including rising global oil costs, domestic tax policies, and the seasonal surge in summer travel. Electric Vehicle (EV) charging prices, however, remain stable, continuing to offer a reliable alternative. Higher when the price of oil goes up it can directly increase the cost of producing electricity. And in Ireland, many power plants rely on oil and gas to generate electricity. According to AA Ireland's figures, fuel prices in Ireland have been steadily climbing in recent months, with petrol costing €1.80 per litre and diesel costing €1.77 per litre during the months of February, March and April. A fuel price drop in May saw petrol down to an average of €1.76 per litre, down 4 cents, while diesel fell to an average of €1.68 per litre, down 9 cents. But this month saw increases creeping up again with petrol now costing an average of €1.77 per litre, up 1 cent since May and diesel has risen to an average of €1.69 per litre, up 1 cent month-on-month. Wholesale oil prices have been fluctuating wildly in recent months, particularly in June when the Israel-Iran conflict broke out. Global benchmark Brent futures went from a high of $75.47 a barrel on April 2 to a four-year low of $58.40 on April 9. It saw another low on May 5 but since then Brent has been trending higher, reaching $70.40 a barrel on June 12, the day before Israel launched its bombing campaign against Iran. The Israeli attacks and the subsequent US bombings saw crude spike to a five-month high of $81.40 a barrel on June 23, before the risk premium evaporated with a ceasefire deal announced by US President Donald Trump. Oil prices rose on Friday (June 27) though they were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. The cost of petrol, diesel and home heating are increasing here as fuel retailers in Ireland are responding to international costs that are outside their control. Industry group Fuels for Ireland, the representative body for the liquid fuels sector, is warning that recent increases are putting renewed pressure on households and businesses. CEO of Fuels for Ireland, Kevin McPartlan warns how fuel is taxed is a matter for national policy. "When fuel prices go up, so does the State's tax take automatically, that may be fiscally efficient, but it can be economically and socially regressive," said Mr McPartlan. "This underlines the urgent need for a comprehensive review of how fuel for heating and transport is taxed." How is the price at the pump formed? The price of petrol and diesel is a combination of global and local factors. Crude oil is the main driver which is then influenced by costs such as refining and distribution, taxes, and retailer margins. In Ireland fuel taxes include excise duty, carbon tax and VAT, this means if you take AA Ireland's price for petrol in June of €1.77 per litre, then more than one euro is going to the government due to these levies. Brent crude prices are constantly shifting, when a refiner buys crude oil at a certain price on a certain day, they must refine it and transport it onwards. So as an input cost into the pump prices, there is a lag of about two weeks on crude prices when you see the trend where Brent goes up and down, and when the pump price is up and down. Exchange rate fluctuations can also affect the price in local currencies as refined fuels are often sold in US dollars. Crude price two weeks ago at the start of the Israel Iran conflict were going up, and that impact is still being felt now. But wholesale prices have flattened again as the ceasefire is seeing prices decline and are expected to stabilise. "What you would hope and expect now is pump prices have begun to fall already and over the next couple of days that fall will continue as people get new deliveries in," said Mr McPartlin. "They'll have bought at a lower wholesale price, and it seems to have levelled out, or there hasn't been any dramatic change in the last 24 hours (Friday 27)". What is Brent crude? Brent crude is a specific type of light, sweet crude oil which can be easily refined into petrol and diesel. The price of Brent crude is a major benchmark for the purchase of oil worldwide, so it can influence the price of other crude oils and refined products worldwide. It is the benchmark used for the light oil market in Europe, Africa, and the Middle East. Higher energy costs can make many goods more expensive across the world. Ireland imports 100% of its fuel needs and is therefore fully exposed to global markets. What are can motorists expect for the coming months? It is impossible to say. No one could have predicted the US bombing Iran, the ensuing ceasefire, the doubts over the ceasefire and the wild excesses it would cause on wholesale prices. But traders always factor risk into the market, whenever there is any uncertainty the wholesale prices go up straight away. Markets are reacting to risk, not just reality, with the speculative effect driving up prices, even in the absence of supply shortages. In Ireland even If all the storage tanks were completely full, they would hold around enough fuel for 10 days, but not all tanks are full at any one time. There is a reliance on ship deliveries and stocks are constantly running down. "It's never the case that people are sitting on high levels of stocks, we run on a just in time delivery basis throughout the supply chain," said Mr McPartlan. He is cautiously optimistic that the fear or concern the important shipping route The Strait of Hormuz would be closed is diminishing, and if that continues then wholesale markets will reflect that in prices. However, this expectation of some kind of stability for now is no indication of what could lie ahead. "To suggest what's going to happen weeks from now in a market which is really very dynamic would be foolish in the extreme," said Mr McPartlan. What could be done to ease costs for consumers? Fuels for Ireland said Irish motorists pay more tax on fuel than any other EU Member State, and Ireland has a higher dependency on oil than all but one of them. They are calling on the Minister for Finance Paschal Donohoe to establish a group of experts to review how fuel for heating and transport is taxed. "Price volatility is largely and overwhelmingly a result of global events over which we have very little influence," said Mr McPartlan "The one thing that we do have control over in this country is the taxation." Fuels for Ireland is proposing the group would include representatives from the fuel industry, environmental experts, economists, consumer groups including different demographics and people from rural areas. The aim, according to Mr McPartlan, is to achieve shared objectives of making sure the state gets a fair return on tax from fuels, that renewable and sustainable options are supported and that they don't make it unaffordable for people. "We think that all of those different interest groups, all the stakeholders could buy into that as a model for a conversation, we're hoping the Minister will do that and that he will make some changes in time for budget 2026." Mr McPartlan said the Minister has agreed to meet with them, and they are waiting to set a date.

Road experts reveal five ‘small adjustments' that will save you money on fuel as rising prices hit pumps across Ireland
Road experts reveal five ‘small adjustments' that will save you money on fuel as rising prices hit pumps across Ireland

The Irish Sun

timea day ago

  • Automotive
  • The Irish Sun

Road experts reveal five ‘small adjustments' that will save you money on fuel as rising prices hit pumps across Ireland

ROAD experts have revealed five "small adjustments" that will save you money on fuel as rising prices hit pumps across Ireland. Fuel prices across the country are continuing to climb, with AA Ireland's June 2025 review highlighting yet another increase for 2 The AA revealed the latest June prices for fuel Credit: Getty Images - Getty 2 And they have now shared five tips to cut down on the rising costs Credit: PA:Press Association According to AA Ireland, petrol prices have now reached an average of €1.77 per litre, up slightly from €1.76 recorded in May. While these changes might appear minimal, AA Ireland said that they show an ongoing upward trend that has been going on for months. The road experts said it's due to a combination of factors - including global oil market fluctuations, domestic tax policies and increased demand during the busy READ MORE IN MOTORS They said: 'Consistent increasing fuel prices continue to be a concern for Irish motorists, and AA Ireland's June 2025 review shows yet another rise. 'While increases are modest, they demonstrate a continuous trend which strains household budgets already beset with expensive living expenses.' And they have now revealed five small adjustments to help To start AA Ireland advises that keeping tyres properly inflated is one of the simplest and most effective ways to lower your overall fuel costs. Most read in Motors When tyres are underinflated, they create more friction with the Up next, AA Ireland recommends driving smoothly by avoiding sudden acceleration or harsh braking as both habits can lead to excessive fuel consumption. Brit motorists can save over £400 a year on petrol & diesel with simple change to fuel habits - & driving style could make all the difference Harsh braking wastes the momentum motorists have built up and it means your car needs to use more fuel to regain speed afterwards. What's more, removing unnecessary weight from the boot is another step drivers can take. Carrying extra items makes the engine work harder and even small amounts of excess weight can reduce a According to AA Ireland, limiting the use of air conditioning to when it is genuinely needed can also reduce strain on the engine and improve fuel economy. Unknown to many, air conditioning systems require additional energy from the engine, which will increase your fuel consumption. Lastly, planning journeys carefully to avoid heavy 'Stay ahead of the curve' The road experts also revealed that looking at electric vehicles is worthwhile for those looking for more predictable running costs. According to AA Ireland, this stability in EV charging costs is making electric vehicles a more appealing and predictable option for drivers concerned about their budgets. And they pointed out that switching to an They added: 'With petrol and diesel prices climbing across Ireland, it's more important than ever to stay ahead of the curve. 'Whether it's adjusting your driving habits, looking into electric vehicle options, or making the most of support services like those from AA Ireland, there are practical ways to manage the costs.'

Fuel prices rise again putting further pressure on motorists, AA warns
Fuel prices rise again putting further pressure on motorists, AA warns

Irish Examiner

time2 days ago

  • Automotive
  • Irish Examiner

Fuel prices rise again putting further pressure on motorists, AA warns

Fuel costs continue to climb with the prices of both petrol and diesel seeing monthly increases in June. New figures released by AA Ireland on Thursday show the average price of petrol now costs €1.77 per litre, up 1c compared to May, with the price of diesel also rising by 1c to €1.69. While the rise is modest, the AA said it adds further pressure on motorists already struggling to manage the high cost of living. Meanwhile, electric vehicle (EV) charging prices remain stable, continuing to offer a reliable alternative, it added. 'June has brought a further rise in fuel prices, with both petrol and diesel seeing increases," said a spokesperson at AA Ireland. "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.' Oil prices inched higher on Thursday, extending gains from the previous day as a larger-than-expected draw in US crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East. Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week. Trump also said on Wednesday that the US has not given up its maximum pressure on Iran, including restrictions on sales of Iranian oil, but signalled a potential easing in enforcement to help the country rebuild. Additional reporting from Reuters.

Motorists hit hard as petrol and diesel prices continue to climb
Motorists hit hard as petrol and diesel prices continue to climb

Irish Independent

time2 days ago

  • Automotive
  • Irish Independent

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

Holidaymakers warned they are being targeted by fraudsters
Holidaymakers warned they are being targeted by fraudsters

Irish Independent

time18-06-2025

  • Irish Independent

Holidaymakers warned they are being targeted by fraudsters

The Banking and Payments Federation said holidaymakers were being targeted by fraudsters. The banking body's FraudSmart division said thieves are zeroing in on holidaymakers with offers, particularly touting 'recent cancellations' or 'limited-time offers' at discounted prices. They are using highly convincing fake websites, online adverts and social media links, to do this. FraudSmart's Niamh Davenport said the summer has seen fraudsters ramping up activity to take advantage of holidaymakers looking for last-minute getaways and deals. 'Travel scams can be incredibly convincing and often appear on fake and copycat websites featuring logos and layouts that closely mimic well-known brands.' She said the scams are targeted at consumers through online adverts and social media posts, often imitating legitimate travel companies or well-known booking platforms. However, once payment is made — often by bank transfer — the website or link disappears, leaving victims without a booking and out of pocket. Ms Davenport said some victims may even receive a fake booking confirmation and only discover the scam after they have travelled to the destination and find the accommodation doesn't exist when they arrive. She said: 'However, there are red flags that consumers can look out for, such as being asked to pay by bank transfer or being pressurised to act quickly. 'It's important to take a moment and double check that the offer is authentic by visiting the official website of the travel company directly rather than clicking on a link in an email or advert.' ADVERTISEMENT Ms Davenport said the FraudSmart tool provides consumers with a free and simple way to verify the legitimacy of a website or link before making a booking. 'If you pause before you pay, it can make the difference between the holiday of a lifetime or a holiday disaster,' she said. 'Importantly, don't be afraid to ask for help if something does go wrong. We would all like to believe that we'd spot a scam if we saw one, but the reality is that these scams can be very deceptive. 'If you think you have fallen victim to a travel scam, contact your bank immediately using the number on the back of your debit or credit card and report the incident to the Gardaí,' Ms Davenport said. Meanwhile, it has emerged that large numbers of holidaymakers are delaying the purchase of travel insurance until the last minute, or in some cases, not at all. A survey commissioned by AA Ireland found that only 30.5pc of respondents said they book travel insurance at the same time as their holiday. The majority wait until the week they are travelling or just days before, with 15pc admitting they rarely or never take out travel insurance at all. An AA Ireland spokesperson said: 'While it's encouraging that many do get cover eventually, leaving it to the last minute is a gamble. 'If something unexpected happens between the time you book your trip and your departure date like illness, job loss, or a family emergency you could be left out of pocket without early cover.' The survey also found that travel is firmly back on the agenda for Irish holidaymakers in 2025, with 71.5pc planning overseas trips this year.

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