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car-azy stuff Diesel edges closer to €2 per litre after surge in prices at the fuel pumps


Fuel prices continue to surge. Stock image

Fuel prices continue to surge. Stock image

Fuel prices continue to surge. Stock image

Diesel could reach €2 per litre at filling station in the coming days .

Fuel prices around the country are expected to return to record highs within the next week, wiping out the Government’s cut of 20c per litre on petrol and 15c on diesel.

An Irish Independent fuel survey across Ireland carried out over the past five days has found both diesel and petrol prices slowly creeping closer to the €2-per-litre mark.

The average price of a litre of diesel in Dublin is €1.97 – 2c higher than the national average of €1.95.

By the end of this working week, the highest diesel prices – in counties Westmeath and Dublin – had reached €1.99 per litre.

By comparison, April’s national average diesel prices stood at €1.90 per litre and €1.80 for petrol.

And while national petrol prices remain relatively stable, they too have crept up significantly, by 6c per litre over the past four weeks.

The national average for a litre of petrol is now €1.86, but is coming in at an average of €1.88 in counties Cork and Kildare and €1.87 in Dublin.

In the past six months, fuel prices have soared, with petrol increasing by 14c and diesel by 32c.

Our survey reveals how the reduction of 20c per litre on petrol and 15c on diesel ordered by the Cabinet in March, following record fuel cost surges, has been almost wiped out as prices continue their upward trajectory.

Paddy Comyn, of AA Ireland, warned that fuel prices were likely to continue to rise for the foreseeable future.

It comes as Ireland faces the highest inflation rate in decades.

While regional price differences are marginal, Dublin and the commuter-belt counties of Westmeath and Kildare recorded the highest diesel prices.

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Counties Cork, Westmeath, Kildare and Dublin recorded the highest petrol prices.

An in-depth survey carried out by the Irish Independent last November found that fuel prices had hit a record high in Ireland.

Back then, the average petrol price was €1.72 a litre, while diesel cost €1.63.

There was a marked contrast between fuel prices in 2021 and 2020, when the national average cost of a litre of unleaded petrol was €1.25, while diesel was €1.17.

Mr Comyn warned there was no end in sight to rising fuel prices on the forecourts.

“Unsurprisingly, we are seeing prices creeping up again, given the potential for restrictions on Russian fuel,” he said.

“I think this will significantly affect diesel prices, which, looking at the evidence, are creeping toward the €2 mark again.

“It’s hard to put a timeframe on it, but we expect to see it soon.

“I think we will see a greater differential between diesel and petrol, with petrol remaining reasonably stable.”

Kevin McPartland, the CEO of Fuels for Ireland, the body that represents Irish companies that import, refine, distribute and market liquid fuels, said the Russian invasion of Ukraine was at the heart of soaring prices.

“The impact of the Russian invasion of Ukraine is still having a massive impact on the price of fuels paid by consumers,” he said.

“As companies and governments impose restrictions on Russian imports, fuel supply lines are tightening, while demand is driven higher by some electricity generators in the EU switching from Russian gas to oil for their power stations.

“The impact is most severe on home-heating oil because a far higher proportion of the price paid by consumers is made up of the costs of the stock, whereas about 80c per litre of the pump price for road transport fuels goes straight to the Government.”

The latest figures from the Central Statistics Office show the annual rate of price growth in the Irish economy was 7pc last month after surges in energy, fuel and grocery prices.

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