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 Irish Petrol Price Indicator

Energy prices account for over 10% of the Irish CPI and tend to be much more volatile than the other components. Petrol and diesel are the most visible of these prices and  , in what is largely a competitive retail market for motor fuel,  are determined by a number of factors, including; 

The price of Crude oil 

The euro/ dollar exchange rate 

Refinery margins 

The Tax component 

The degree of local competition 

We have developed a model of the average retail price of fuel in Ireland, based on movements in the US dollar price of Brent, the euro/ dollar exchange rate, the tax components and the wholesale price of fuel. It is designed to give an indication of the average price of petrol per litre over the next week to 10 days. Local competitive factors  will obviously generate a range of prices around the average level. 

 

Latest Update  21 April 2021

Crude prices had been supported by an OPEC agreement to cut production, US sanctions against Iranian exports and tensions in the Middle East but demand expectations collapsed given the expected impact of the Corona virus on global growth. Crude rices followed suit in a scramble to find storage capacity but then recovered as economies re-opened, with Brent climbing well above above $60, and demand expectations have been supported  further by the various vaccines due for roll-out into 2021.Fresh Lockdowns across Europe  have kept  a lid on the scale of price rise and Irish retail prices and Irish retail prices have settled around €1.44.

 Projected Irish Petrol price:  €1.44

 Projected Irish Diesel price :€1.35