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February Fuel Prices Highlight Differences Between Fuels

The AA Ireland’s most recent monthly Fuel Price Survey has shown an increase in Petrol and Diesel prices over the last month. This price rise follows four consecutive months of drops starting in October of last year. Petrol is up from €1.68 per litre in January to €1.71 in February. Diesel rose by 4c per litre, from €1.68 to €1.72 in February.  

 

Blake Boland, Head of Communications for the AA Ireland, is concerned with the rise, saying that “motorists in Ireland are feeling the pinch at the moment with consistent increases in the cost of running a car in recent years. We had a steady drop in fuel prices over the last four months. We are disappointed to see that trend coming to an abrupt halt.”

 

Mr Boland continued on to say that crude oil prices have also risen slightly into February; “the price of crude oil also rose over the last month from around $79 per barrel to around $83 per barrel. Although only a small rise, it is likely to have a knock-on impact at the pumps.”

 

Blake Boland added that prices are unlikely to remain steady; “further instability in oil-producing regions and the ongoing conflict in Ukraine could shift the price of crude oil. We saw global stocks reducing in January, and any disruption of supply could raise prices further. We are also edging closer to the phased re-introduction of Excise Duties that were postponed late last year. They will ultimately see prices rising by 8c per litre for Petrol and 6c per litre for Diesel.”

 

The AA Ireland are calling on motorists to address their driving speed to cut down on the money they are spending on fuel. An experiment that the insurance and breakdown company did last year showed that reducing your speed on the motorway from 120km/h to 100km/h could cut your fuel bill by 29%. It also has the welcome benefit of making our roads safer.

 

Electric Vehicle fuelling gets cheaper

 

Electric Vehicle owners will welcome a drop in charging costs in February according to the AA Ireland Fuel Price Survey. EV owners will pay on average €900.43 per year, compared to the December average of €967 to cover the national average of 17,000km per year. This figure of €900 remains elevated far above the prices seen before Russia’s invasion of the Ukraine.


However, Mr Boland said that the trend looks to continue downwards. "With the wholesale price of electricity coming down steadily last year and this year,  EV drivers are seeing the benefits in their pockets. We anticipate that electricity providers will continue to pass on the reduced costs to the motorist. We think there is plenty more scope for prices to drop.” For context, the AA Ireland have calculated that a similarly sized Diesel vehicle will cost approximately €2,047 to cover that same distance of 17,000km.

 

Mr Boland added that “EV drivers need to shop around to get the cheapest rates possible on their home electricity. There are new entrants to the market and existing providers are dropping their prices on many of their tariffs. Spending an hour or two on research and switching rates could save you a lot of money over the next couple of years.”

 

Motorists willing to take the plunge on an EV could end up paying a fraction of what they used to on Petrol or Diesel. Mr Boland added that "those with smart meters taking advantage of cheap night-time rates could see their yearly bill for the national average of 17,000km dropping to just under €300. There are significant savings to be made by switching to an EV in the right way.”

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