Energy price falls ‘not benefiting’ consumers
The Bord Gáis Energy Index now stands at 142, 1% higher than in May 2011 but down 7% on April.
“A 9% fall in the Brent crude oil price pushed the Bord Gáis Energy Index down 7% for May. Wholesale gas and Irish electricity prices also fell during the month. Fuel commodity prices dropped as the markets nervously assessed the uncertain global economic and political repercussions of the current crisis in the European Union. As a consequence, money managers channelled funds away from commodities in favour of safe haven assets such as US and German government bonds,” according to the Index.
