Data from today (Friday, June 21) released by AA Ireland indicates that fuel prices dropped in the month of June due to a decrease in crude oil costs.
Petrol prices at the pump fell by 4c to an average of €1.79/L, while diesel prices decreased by 5c to €1.71/L, according to the latest monthly fuel index from the AA Ireland.
This reduction comes as crude oil prices hover around $83/barrel this month.
Head of Marketing and PR at AA Ireland, Jennifer Kilduff commented on the decrease: “We are pleased to report a reduction in fuel prices this month.
“The early part of the year saw significant volatility in fuel prices, mainly due to unplanned refinery outages in Europe and strikes on Russian refineries.
“Recently, reduced tensions and attacks have led to a softening of prices.”
AA Ireland
The report attributes the drop in fuel prices to a combination of weaker demand in the US, which has resulted in high fuel stock levels amid increased production, and delays in interest rate cuts by US banks.
These factors have contributed to lower international fuel prices.
Kilduff also highlighted the upcoming challenges for motorists:
“The second reinstatement of excise duty is still set for August 1, along with another carbon tax increase in October. We hope the government will reconsider this move, as it will directly impact motorists.”
For AA customers, additional savings are available. They can save 3c/L on petrol and diesel and 6c/L on milesPlus fuel at participating Circle K garages using the AA Ireland App.
Kilduff advised motorists on cost-saving measures for fuel: “Maintaining your vehicle and practicing smart driving can help you improve fuel efficiency and save on costs.”
Meanwhile, electric vehicle owners can expect to pay an average of €946 per year to cover the national average of 17,000km per year, providing a different perspective on the cost of personal transport.