Fuel prices on the rise

The price of petrol has reached the second highest level in two years.

The average cost of fuel nationwide has also reached the highest level since March, according to the AA.

Estimating an average mileage of 19,200km per year and a consumption rate of 9.42 litres per 100km, the AA said an average motorist will pay €205 per month for petrol, of which €129.56 is tax, or €189.15 for diesel, of which €110.22 is tax.

The average costs of a litre of petrol costs 136.9c on average while diesel is at 126.1c per litre.

This reflects a 2c and 2.7c increase, respectively.

AA Director of Consumer Affairs Conor Faughnan said approximately 60% of the price is tax.

Petrol taxes were not cut in the latest Budget.

“Unfortunately, instead of taking direct action the government instead opted to maintain the status quo leaving motorists with little to celebrate.” Mr Faughnan said.

"It is no surprise that motorists continue to feel the pinch," he added

Mr Faughnan added that the reverse on the downward trend of fuel prices comes at an already expensive time of year.

Rising crude oil costs have been identified as the main factor in the price increase as the cost of a barrel of oil has risen by approximately €8.50 since late September.

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