Petrol prices at the pump fall to 16 month low – AA

The AA’s monthly fuel prices survey found that the average cost of a litre of petrol hit a 16 month low in January.

The AA said the average cost of a litre of petrol is 132.9 cent – the lowest level since August 2017 – and down from 136.9 cent in December 2018.

Diesel costs an average of 127.9 cent a litre at the pumps, the lowest price recorded by the AA since April of last year.

Among the main driver for the cheaper pump prices has been the significant drop in the cost of crude oil.

Having floated between $75 and $85 a barrel for much of 2018, crude oil has largely remained at a cost of between $55 and $65 since December.

But the AA again highlighted that the excessive tax placed on both petrol and diesel means motorists are still paying more than they should be for their fuel.

It is estimated that 64.42% of the cost of each litre of petrol sold in Ireland is made up of various taxes. 57.71% of the price of diesel at the pumps also comes from government taxation.

“For many people in Ireland, particularly those living in rural areas, the car is their only means of reliable transport and as a result crucial to their ability to get to work and continue to contribute to the Irish economy,” commented Conor Faughnan, AA Director of Consumer Affairs.

“The current levels of taxation only serve to punish these people for the failure of the current governments and their predecessors to improve public transport options across the country,” Mr Faughnan added.

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