Cost of petrol and diesel reaches three year high, analysis shows

Cost of petrol and diesel reaches three year high, analysis shows

The cost of petrol and diesel are at their highest level in nearly three years, new research has found.

According to the AA’s latest fuel prices analysis, a litre of petrol currently costs 141.0c on average, up from 137.6c per litre last month. Meanwhile, the average cost of a litre of diesel has increased from 127.1c in April to a current level of 131.0c.

As a result of these latest increases, a litre of petrol is now at its most expensive since August 2015, while diesel sits at its highest rate since July of the same year.

The AA says that one the factors contributing to the latest surge at the pumps is the rising cost of crude oil.

Within the past month crude oil has increased from a low of approximately $67 per barrel to its current price of over $77.

Conor Faughnan, AA Director of Consumer Affairs, said: “The surge in fuel costs will be a major concern for those who rely on their car for their daily commute and, should we see this pattern of increases continue, it will become necessary for government to re-assess the extent to which they tax both petrol and diesel.

For many people across the country, in part due to a woeful history of under-investment in urban and rural public transport, the private car is their only option when it comes to getting to work.

According to the AA, an average motorist who drives 12,000 miles per year (19,200 km) at a fuel consumption rate of 30 miles per gallon (9.42 litres per 100 km) will use 150 litres of fuel per month.

At current prices that motorist will pay this €211.50 per month for petrol of which €130.71 is tax. Meanwhile, a motorist driving a diesel powered vehicle will spend €196.50 per month on fuel, of which €111.61 is tax.

- Digital Desk


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