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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  11 November 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 $80 dollars.A weaker euro, which has fallen below $1.16 has also put upward pressure on European wholesale  fuel prices, while the Budget increased the carbon tax on Irish  fuel. The net result is consistent with an  Irish retail petrol price around  €1.70 a litre.Short term risks are on the upside amid a surge in other energy prices, notably gas

 Projected Irish Petrol price:  €1.70

 Projected Irish Diesel price :€1.60