The average price of a litre of petrol has fallen to €1.77, a 7c reduction in price compared to last month.
Petrol prices are now back to February pricing in a slight respite for motorists who have been hit with the possibility of toll increases and electric vehicle charging increases within the last week.
Diesel prices have also slipped below €2 per litre across the country.
The average price is now €1.96 per litre, 6c less than this time last month, when a litre would have set you back €2.02 per litre.
These figures are according to the latest AA Ireland price survey.
Speaking about the price drop, AA Ireland Head of Communications, Paddy Comyn said: “This week has been a particularly challenging one as motorists look ahead to 2023, with the prospect of increases in toll prices across the country, as well as the announcement of an up to 50% increase in the price of public EV charging.
"It had looked like we were on an upwards trajectory when it came to fuel prices, especially diesel, but thankfully these have settled somewhat.”
According to AA Ireland, the price drop may only be temporary as "there are a number of other factors to consider."
The European Union will ban Russian oil product imports, on February 5, this follows a ban on Russian crude which takes effect in December.
Diesel from Russia has made up 44% of Europe’s total imports so far in November, compared with 39% in October.
Russia remains the continent’s largest diesel supplier.
The AA say that what happens to the price of diesel after the EU ban comes into effect "remains to be seen."