Fuel prices set to edge up as Covid-19 measures ease around the world

No new deaths from Covid-19 were reported on Sunday, with six new cases confirmed, health chiefs have said.
Fuel prices set to edge up as Covid-19 measures ease around the world
Drivers should brace for a rise in fuel prices as Covid-19 measures ease around the world, the AA Ireland has said. Picture: Lewis Whyld/PA Wire
Drivers should brace for a rise in fuel prices as Covid-19 measures ease around the world, the AA Ireland has said. Picture: Lewis Whyld/PA Wire

No new deaths from Covid-19 were reported on Sunday, with six new cases confirmed, health chiefs have said.

There have now been a total of 1,715 Covid-19 related deaths in Ireland, according to the National Public Health Emergency Team (NPHET). It said there is now a total of 25,379 confirmed cases of the disease in the Republic.

Fuel prices will begin to edge up in the weeks ahead as Covid-19 measures ease around the world, motorist consumer body AA Ireland said.

According to the AA's latest fuel price study, the cost of a litre of petrol has now fallen to the lowest level recorded by the organisation since March 2016.

On average, a litre of petrol now costs 121.8c – down almost 2c from last month’s average price of 123.7c. Meanwhile, diesel prices have also continued to fall, dropping by 1.6c on average to a current price of 113.9c.

Conor Faughnan, AA director of consumer affairs, said however that crude oil prices have continued to trend upwards after their shard April drop.

"With global demand for fuel and oil now starting to increase as many countries continue to ease their Covid-19 restrictions, it comes as no surprise that crude oil prices are starting to increase. Despite this, prices at the pump remain low, but for how long remains unclear,” he said.

Conor Faughnan of AA Ireland
Conor Faughnan of AA Ireland

The pandemic is forcing Irish employers to slash expansion and pay increases, according to HR professional body CIPD Ireland.

According to a survey of 350 businesses across a range of industries, just 18% are now planning to hire staff this year, compared to 46% in its last survey.

Just 10% of businesses are now planning to increase rates of pay this year, down from 47% a few months ago.

Some 59% are planning to maintain rates of pay in the rest of 2020, which is up significantly from 27%.

Just under a quarter say more than half of their employees are receiving either the Pandemic Unemployment Payment or are registered for the Temporary Wage Subsidy Scheme.

Director of CIPD Ireland, Mary Connaughton, said Irish workplaces are scrambling to adjust to ongoing disruption in the economy.

“As with all aspects of Irish society, business was hit with a seismic event this year. One positive note recorded in the survey is that about half of businesses are planning to maintain staff numbers for this year. At CIPD Ireland we believe the incoming government must increase its supports for those facing redundancy,” she said.

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