War in the Middle-East could drive up fuel prices at pumps, suggests report 

Petrol is down from €1.85 in September to €1.83 and diesel has fallen by 1 cent from €1.85 to €1.84 per litre.

AA Ireland said it is “nervous” about the potential impact the war in the Middle-East could have on fuel prices at the forecourts.

The AA Ireland October Fuel Price Survey showed a slight drop in petrol and diesel prices over the last month but prices remain exposed to volatility.

“The price of Crude oil remains elevated at approximately $90 per barrel, up from about $70 during the summer. On top of that, the political situation in the Middle East remains unstable, and the markets are nervous about the impact this may have in the coming months,” said Blake Boland, head of communications with the AA Ireland.

Petrol is down from €1.85 in September to €1.83 and diesel has fallen by 1 cent from €1.85 to €1.84 per litre.

This small decline comes after a surge in prices during the summer, but “prices are still somewhat unsettled”, said Mr Boland.

The survey in September showed an increase of €0.15 per litre in petrol, and an increase of €0.21 cent in diesel.

The motor services company said this was driven by the second tranche of Excise Duty restorations and an increase in the wholesale cost of petrol and diesel..

Meanwhile, electric vehicle drivers have fared better with recent price drops in electricity costs, said AA Ireland.

The report said most electricity providers dropped their prices in recent weeks, meaning the average EV driver is now paying €1,017 per year to fuel their car over 17,000km.

This compares favourably with a similarly sized diesel vehicle that will be paying approximately €2,190 to cover the same distance.

EV drivers that can charge their car at home could be paying less than €300 per year to travel that national average of 17,000km.