Brent crude price falls 7%

The price of brent crude oil fell by 15% last month, the largest monthly price fall in two years, but the benefit of that will not be passed on at petrol pumps in Ireland.

The latest Bord Gáis Energy Index went down 7% in May, to 142.

Power trader at Bord Gáis Energy John Heffernan said the weakening euro meant Irish consumers will not get the full benefit of the price reduction at the petrol pump.

"The price of brent crude in in dollars. During the month of May, the euro weakened versus the dollar by about 7%," he said.

"(That means) consumers will not get the full benefit at the pump due to the eurozone economic situation."