Survey reveals over 30% increase in fuel prices

‘It pays to shop around’
Survey reveals over 30% increase in fuel prices

According to IFA's national survey on fuel prices, there has been an increase of over 30% since this time last year. File Picture. 

A national survey carried out by IFA has revealed an increase of over 30% in fuel prices over the last 12 months.

The organisation’s Farm Business chairwoman, Rose Mary McDonagh, said that prices increased by over 30% when compared to this time last year.

This, she added, “can be attributed to the recovery in crude oil prices”.

“The spot price for a barrel of crude oil collapsed to $20 at the start of the Covid-19 pandemic last year, but it has steadily returned to pre-pandemic price levels this month ($65-$70).

“This rise in fuel prices reflects the latest CSO figures on agricultural input prices which demonstrated that farmers are caught in a classic cost-price squeeze.

“The rise in input prices without a corresponding increase in output prices means that the difference is coming out of farmers’ pockets, and impacting on their bottom line."

Meanwhile, the national survey on the price of white diesel, green diesel and kerosene revealed the average prices quoted.

  • White diesel - €1.31/litre;
  • Green diesel - €0.6z9/litre;
  • Kerosene - €0.65/litre.

There were variations of over €0.09/litre including VAT between the counties surveyed.

On 1,000 litres of green diesel including VAT, the saving appeared to be as high as €98.

Allowing for outliers, there is little price variation across the country compared to this time last year.

Notwithstanding that, IFA is reminding its members that it pays to shop around for fuel.

“Some suppliers indicated that purchases in larger volumes tend to work out cheaper, particularly if paying on the day,” Ms McDonagh continued.

“Purchasing groups tended to receive the keenest quotes; further discounts can be secured when ordering fuel online.”

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