AA predicts fall in fuel prices

The AA has said that a fall in oil prices prompted by uncertainty on world stock markets should lead to a decrease in the cost of petrol in the coming weeks.

Consumers are currently paying around 12c per litre more at the pumps than they were this time last year, with petrol at an average of 151.9c per litre in August and diesel at 143.6c.

“That’s the bad news, but we hope that there is good news coming,” said Conor Faughnan of the AA.

“The recent falls in global stock markets may be a big cloud on the economic horizon but it does come with a silver lining. Oil prices have fallen in the last few weeks and that is just beginning to come through to the pumps here in Ireland.

“We can be fairly confident of falling prices over the next 3-4 weeks. Whether that is sustained as we go on into autumn is a matter for speculation but we do expect to be reporting a fall in average prices next month.”

The AA is asking the Government to consider the plight of ordinary consumers as they set about framing next December’s difficult budget.

“Fuel taxes were hiked on three successive occasions by the last government, and we want to see that trend reversed,” Faughnan said.

“We may not be able to do anything about world oil prices but we can control domestic taxes. High fuel prices worsen our competitiveness and hamper our recovery.”

Most Read in Ireland