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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  6 July 2021

Crude prices had been supported by an OPEC agreement to cut production and have risen sharply in recent months on optimism that a strong rebound in global growth will support demand, taking Brent up to above $75 dollars.A weaker euro has also put upward pressure on Irish retail prices, which should settle around €1.51 a litre. However, longer term market interest rates are falling again, indicating concern that the pace of the recovery may slow, and if that was the case oil prices may not continue upward.

 Projected Irish Petrol price:  €1.51

 Projected Irish Diesel price :€1.44