A couple of factors have caused the drop.
Fuel prices around the the world have plunged due to the Covid-19 outbreak as well as a oil price feuds between Russia and Saudi Arabia.
The result is the cost of a litre of fuel in Ireland has fallen dramatically in the past month according to figures released by AA Ireland.
A litre of petrol now costs 126.5c on average, a substantial decrease of over 15c compared to last month’s average price of 141.9c.
As a result of the drop, the cost of a litre of petrol is now at the lowest level recorded in Ireland since April 2016.
The cost of a litre of diesel fell by over 16c in the past month to a current level of 116.9c.
This means that diesel prices are now at their lowest rate since September 2016.
“At a time where we’re all looking for some positive news, the significant drop in pump prices is a welcome development for motorists across the country – particularly those who may be more reliant on their car currently than they ordinarily would be,” Conor Faughnan, AA Director of Consumer Affairs said.
“As many people are facing financial uncertainty during the current Coronavirus outbreak, anything which will help reduce their outgoings is good news.
“While the impact of the Coronavirus on oil prices is likely to be reversed at some point in the future, the steps being taken by Saudi Arabia are likely to have a longer-term role in affecting crude oil and pump prices.”
LISTEN: You Must Be Jokin’ with Aideen McQueen – Faith healers, Coolock craic and Gigging as Gaeilge
