Fuel Prices End Year At Highest level For 2017

The average cost of a litre of petrol and diesel in Ireland continued to rise in December 2017, according to recent analysis from AA Ireland – with both fuels ending the year at their highest per litre cost.

According to the AA’s monthly fuel prices survey a litre of petrol now costs an average of 138.3c, while diesel car owners can expect to spend 127.1c per litre of fuel. The latest increase meant that both fuels ended the year at their highest per litre price in the past 12 months, with petrol now at its most expensive since August 2015.

“While we can’t say for certain what the future will bring in terms of fuel prices, the fact that the cost of a barrel of oil continues to trend upwards is a 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,” Conor Faughnan, AA Director of Consumer Affairs stated. “Motorists will be hoping that this trend reverses itself in 2018, but in the short term at least that doesn’t look likely.

The continued rise in oil prices is seen as the main factor in the latest increase in fuel costs, with the cost of a barrel of oil floating between $62 and $68 from early December and into January 2018.

“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. For 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,” Faughnan added. “In the short-term people can save on their fuel costs by car-pooling, using alternative methods of transport where possible, or even availing of deals such as the AA’s offer to members of 4c off every litre of fuel purchased at select stores which is available through our app, but what is truly required is government recognition of the negative impact of excessive taxation on petrol and diesel.

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. At current prices that motorist will pay this €207.45 per month for petrol of which €129.95 is tax. Meanwhile, a motorist driving a diesel powered vehicle will spend €190.65 per month on fuel, of which €112.41 is tax.

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