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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  1 April 2019

Crude prices have been supported by an OPEC agreement to cut production and  demand expectations had shifted lower but are now recovering.Brent had fallen from over $80 to below $60 but has moved higher again in recent weeks. to $68 and above.The impact on Irish   retail prices is compounded by the weak euro, now down around $1.12 on the back of market expectations that ecb rates will now be lower for longer. Irish  petrol prices have ticked higher and may now move to around €1.43...

 Projected Irish Petrol price:  €1.43

 Projected Irish Diesel price :€1.39