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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  17 July 2018

Crude prices have been supported by an OPEC agreement to cut production, and demand is also rising given the broad global economic upturn,with the geo-political situation in the Middle East adding additional speculative buying. Brent broke above $70 in mid-April and threatened $80 but prices have fallen sharply over the past week, back below $72, on rising supply, The impact on European petrol prices has been compounded by a stronger US dollar, with the euro falling from $1.25 to around $1.17 and below at times..We expect some releif now for Irish motorists, with petriol prices falling initially to  €1.47 per litre, with €1.45 possible if Brent stays around the curent level..

 Projected Irish Petrol price:  €1.47 per litre then €1.45

 Projected Irish Diesel price :€1.35 per litre. then €1.33