Euro damps down ‘significant’ fuel price rises

An Irish index that takes monthly snapshots of wholesale costs of energy has recorded “significant” rises in electricity and oil prices last month, but the surging value of the euro is helping to soften any potential price hikes for consumers.

The Bord Gáis Energy Index, which tracks the prices of oil and electricity, as well as gas and coal, showed wholesale prices rose 6% in July and were 12% higher from a year earlier.

In the month, Irish electricity wholesale prices were up 8%, driven by the costs of imported gas used to fuel power plants, while oil prices were up 10% in dollar terms, the first increase this year.