Petrol and diesel prices have collapsed amid the coronavirus outbreak.
According to figures released by AA research, the cost of a litre of fuel in Ireland has fallen dramatically in the past month.
A significant drop in the price of crude oil and the Covid-19 outbreak have been attributed as key factors for the fall.
According to the AA’s latest monthly study of fuel prices across the country, a litre of petrol now costs 126.5c on average – a 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 since April 2016.
Diesel drivers also benefit. 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.
The fall in pump prices comes in the midst of a significant drop in the cost of crude oil. Demand for oil has fallen in several countries in response to the outbreak of the Coronavirus.
This happened along with a crude oil price drop. A barrel of Brent Crude oil has now fallen from slightly under $65 in mid-January to currently trending in the mid to high $20s.
AA Director of Consumer Affairs, Conor Faughan, said;“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."
Mr Faughnan believes that the impact of the Coronavirus on oil prices is likely to be reversed at some point in the future.
He said that the AA encourages motorists to "shop around when it comes to purchasing their fuel to ensure they get the best value."
"With oil prices fluctuating regularly," he said, "Prices at the pump could vary across different stations depending on when they purchased their current stock."