Great news for Irish motorists regarding the price of fuel
Lower, lower, keep going.
A survey on fuel prices by AA Ireland has found that fuel prices have been dropping for the last four months in a row and are now the cheapest they have been since late in 2016.
Petrol has fallen by an average of 2.4 cents per litre while diesel has decreased by 3 cents per litre across the country according to the survey.
The average price of a litre of petrol in Ireland at this current moment is 131.9 cents while a litre of diesel will cost you around 119.2 cents per litre.
In June, prices for a litre of petrol and diesel were on average 134.3 cents and 122.2 cents respectively.
This latest drop in fuel is now the fourth successive month in a row where prices have fallen and the cost of fuel is now at its cheapest since December 2016.
“The last several months have brought good news for motorists when it comes to fuel prices and July has, thankfully, continued that trend,” Conor Faughnan, AA Director of Consumer Affairs stated.
"With the cost of a litre of fuel continuing to fall prices are moving closer and closer to where they were 12 months ago, with petrol prices just 0.6 per litre more expensive than it was in July 2016, although diesel is still almost 3c up on this time last year.
"Thankfully, as things currently stand many of the factors which inform fuel prices, such as European wholesale prices, are pointing in the right direction for motorists, although it’s impossible to know how long this trend will last for," he concluded.
Despite the national drop in fuel prices, the AA report noted a minor increase in the cost of a barrel of oil, a key trend in setting future fuel prices. Currently, a barrel of oil costs $48.69 up over $3 when compared to the cost of oil in late June.