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Ireland's fuel prices show monthly decline at pumps

Robert Besser
24 Jun 2024

DUBLIN, Ireland: Fuel prices at the pumps have declined this month, according to the latest figures.

The AA fuel price survey for June revealed that the cost of petrol decreased by an average of four cents per liter, while diesel prices fell by five cents per liter.

This month, the average price for a liter of petrol was 1.79 euros, and diesel stood at 1.71 euros.

This decline coincides with a drop in crude oil prices, currently around US$83 per barrel.

Jennifer Kilduff of AA Ireland commented on the figures, saying, "The early part of the year saw significant volatility in fuel prices, mainly due to unplanned refinery outages in Europe and strikes on Russian refineries. Recently, reduced tensions and attacks have led to a softening of prices. Weaker demand in the U.S. has resulted in high fuel stock levels amid increased production, and delays in interest rate cuts by U.S. banks have also contributed to lower international fuel prices."

Despite the recent relief at the pumps, Kilduff noted upcoming factors that could impact prices. The second reinstatement of excise duty is due to go ahead on August 1, followed by the carbon tax increase in October, she said, urging the government to reconsider these moves "as it has a direct impact on pump prices."

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