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HomeFarming NewsSignificant drop in pump prices
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Significant drop in pump prices

Fuel prices have plummeted due to the Covid-19 outbreak and a decrease in crude oil prices.

The cost of a litre of fuel in Ireland has fallen dramatically in the past month, according to recent data from AA research. 

A litre of petrol now costs 126.5c on average – which represents a decrease of over 15c compared to last month’s average price of 141.9c – according to its latest monthly study of fuel prices across Ireland. 

The figures show that the cost of a litre of petrol is now at the lowest level recorded since April 2016.

The cost of a litre of diesel has dropped by over 16c in the past month, bringing it to its lowest rate since September 2016. 

‘A welcome development’

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AA director of consumer affairs, Conor Faughan, said: “At a time where we’re all looking for some positive news, the significant drop in pump prices is a welcome development for motorists across the country – particularly those who may be more reliant on their car currently than they ordinarily would be.”

“As many people are facing financial uncertainty during the current Coronavirus outbreak, anything which will help reduce their outgoings is good news.

“While the impact of the Coronavirus on oil prices is likely to be reversed at some point in the future, the steps being taken by Saudi Arabia are likely to have a longer-term role in affecting crude oil and pump prices,” he concluded. 

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