Fuel sales accelerated in July as prices fell amid Middle East ceasefire

There was a ceasefire in place between the US and Iran up until July 8 during which oil prices dropped

In early July, Brent crude oil, a global benchmark for oil prices, was selling for around $72 a barrel. After the ceasefire ended, oil prices shot up reaching more than $100 per barrel on July 23.

Fuel sales saw a notable increase during the month of July as fuel prices dropped following the implementation of a ceasefire between the US and Iran, new data from the Central Statistics Office (CSO) shows.

However, prices have since increased again after the ceasefire ended in July leading oil prices to increase once again.

According to the latest retail sales index from the CSO, the fuel sector experienced a monthly value increase of 2.4% in July compared to June while the volume of sales increased by 7% in that time.

Statistician with the CSO Tommy Allen said the “reduced difference between value and volume figures observed this month reflects the drop in fuel prices in July and a reduced rate of inflation in the sector”.

In the 12 months to July, the value of fuel sales increased by 7.7% when compared with the same period in 2025, while volume rose by 3.7%.

The conflict between the US and Iran, which began in late February and precipitated an oil and gas price shock, had slowed following a ceasefire agreement which had held until July 8. During the ceasefire, the price of oil came down.

In early July, Brent crude oil, a global benchmark for oil prices, was selling for around $72 a barrel. After the ceasefire ended, oil prices shot up reaching more than $100 per barrel on July 23.

On Friday, Brent crude oil was trading around $88 a barrel.

Across the entire sector, the volume of retail sales increased by 1.3% month-on-month and by 2.2% year-on-year. The value of retail sales for all businesses rose by 1.4% in the month and by 4.6% in the year.

Sales in other sectors

The highest annual volume growth was recorded in pharmaceuticals, medical, and cosmetic articles up 6.9%, with books, stationary, and newspapers up 4.3%, and hardware, paints, and glass up 4.2%.

The sector with the highest month-on-month increase in volume sales was the motor trade up 8.5%. July is generally a good month for this sector due to the introduction of the new 262 licence plates.

Annual volume declines were recorded in furniture and lighting, down 5%, as well as clothing, footwear and textiles down 2%. Volume sales were also down 1.6% in department stores.