Petrol and diesel prices steady in July

Fuel prices in Ireland have remained unchanged this month compared to June.

A recent AA survey has shown that the prices of petrol and diesel in July have remained virtually unchanged compared to last month.

Currently, the average price of petrol is €1.65, the same as in June. Diesel prices have risen slightly, with the average price being €1.55 - two cents per litre more.

Upcoming duty increases

"Following the duty increases last month, we have seen prices remain steady," said AA Ireland's Blake Boland. "Aside from the upcoming signalled duty increases, there is no reason to believe there should be much upheaval to prices in the short term."

While the current market remains stable, rates will increase by seven cents for petrol and five cents for diesel on September 1.

October 31 will see the Government fully restore rates, increasing petrol prices by eight cents and diesel by six cents - the final planned increase for the time being.

This comes as US crude oil supplies begin to dwindle - prices for a barrel of Brent crude rose to $78.61 (€69.77) amid increases across the board - a barrel of West Texas Intermediate now costs $74.30 (€66.16).

These increases are expected to continue, meaning higher petrol prices are likely in the near future.

The EV difference

Electric car drivers are also paying the same prices this month, as electricity prices remain relatively inflated.

Annually, the average EV driver will pay €1,158.99 to charge their car - although those using smart meters and taking advantage of night charging rates can pay as little as €403.85 to cover the same distance.

The prices to use public chargers remain elevated - those using solely public chargers to recharge their cars can expect to pay more than €2,000 each year.

Pressure is increasing on electricity suppliers to lower costs, in line with the recent drop in wholesale gas prices.

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Published on July 18, 2023