Government pressed to change oil prices to euro

Road hauliers want the government to use the EU presidency to lobby for a major change to the world oil market.

The change would see the price of oil quoted in euro rather than the present base currency of US dollars and would bring “a massive boost to the eurozone,” according to the Irish Road Haulage Association (IRHA).

IRHA president Eamonn Morrissey said the 30% slide in the value of the dollar had not resulted in cheaper oil prices in euro terms. He criticised oil companies for failing to pass on to road users the savings they were making by buying oil using cheaper dollars.