Coronavirus, Petrol Prices, China

Coronavirus, Petrol Prices

The Coronavirus is causing petrol and diesel prices to drop in Ireland

The Coronavirus is causing petrol and diesel prices to drop in Ireland

16/02/2020 17:30:00

The Coronavirus is causing petrol and diesel prices to drop in Ireland

The news follows on from significant increases in the costs of fuels here

Demand for oil in China has taken a major hit since the outbreak, with the cost of a barrel of Brent Crude Oil falling from just under $65 to $56.In a knock-on effect, the price of petrol dropped by 2.6c per lite to 141.9c, while diesel fell by 2.5c to 133.4c.

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recently.Speaking after the release of the their Fuel Prices Survey on Sunday, Conor Faughnan, AA Director of Consumer Affairs, said: “The drop in prices at the pump is certainly a welcome development for motorists following a significant price increase in January which was largely caused by a period of volatility in crude oil prices.

"We often hear the theory that fuel prices are quick to increase when crude oil costs go up but slow to come down when oil prices dip, but in the many, many years that the AA has been monitoring fuel prices in Ireland we have never seen any evidence of this trend across the board.”

He said: “You may well have a small number of retailers who try to take advantage of the consumer, but broadly speaking crude oil prices and pump prices have always followed the same trend.”Video Loading Video Unavailable Click to play Tap to play The video will start in8Cancel Play now With the drop of fuel prices in recent days, motorists are being urged to be active in comparing the prices of service stations in their area.

Mr Faughnan added: “We are constantly getting calls from high numbers of people who are shopping around on their car or van insurance, but I would bet that if we asked those same customers if they make an effort to shop around when buying fuel very few of them would be in a position to honestly say they do.

"Many of us form a habit of going to the same service station every time we need to fill our tank and never take a second to check that station is providing a competitive price on fuel."During the course of your day-to-day driving, it can benefit you to get into the habit of comparing fuel prices in your region and making sure you give your business to whatever service station is offering the best value.

Read more: Irish Daily Mirror »

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