Another Welcome Fuel Price Drop
News in from AA Ireland shows the monthly Fuel Price Survey has revealed another slight drop in Petrol and Diesel prices over the last month. Petrol is down from €1.83 per litre in October to €1.80. Diesel has also fallen by 3c per litre, from €1.84 to €1.81 in November.
Blake Boland, Head of Communications for the AA Ireland said that “this is the second month in a row that fuel prices have dropped. Having seen dramatic rises in fuel prices from lows of €1.47 for Diesel in May, motorists will be relieved to see prices coming down slightly again in November. There was a worry that we would see the €2.00 per litre mark being hit this year. Thankfully, this has not materialised and looks unlikely to happen.”
The government delayed the Excise Duty restorations that were due last month until well into 2024. In addition, the price of crude oil eased from highs of $94 per barrel in September to $78 per barrel in the middle of November. It currently sits at $81 per barrel. The addition of nearly 3c per litre due to the increased Carbon Tax in the last budget prevented prices dropping even further.
Blake Boland added that “with continuing unrest in the Middle East, markets remain uneasy and it’s far from certain that prices will remain stable. However, stocks being delivered to forecourts this week suggest that prices will be slightly lower again as we approach the end of November, with many people around the country paying below €1.80 per litre for both Petrol and Diesel."
Electric Vehicle fuelling drops slightly again
The cost of fuelling an Electric Vehicle has dropped slightly again in November. Electricity prices sky-rocketed following the Ukraine invasion. Although they remain quite elevated, October saw a significant price drop. November’s survey shows a smaller, but very welcome reduction.
The average EV driver is now paying €978 per year to fuel their vehicle, down from €1,017 the previous month. This compares favourably with a similarly sized Diesel equivalent that will cost €2,154 to cover the same distance of 17,000km per year.
Mr Boland added that “EV drivers need to be savvy in choosing how they charge up. Those taking advantage of cheap night rates could see their annual fuel bill to cover that 17,000kms being as low as €300 per year. There are significant savings to be made.”
