The limits started being imposed in the middle of last week in the face of a spike in demand with many homeowners seeking to counter rising prices by buying ...
More than 60 per cent of the price of a litre of fuel is made up of taxes and measures are currently being explored to see how tax reductions can be passed on to consumers in the weeks ahead. The Irish Road Haulage Association met Minister for Finance Paschal Donohoe on Monday morning to discuss the worsening fuel crisis. “We are very busy trying to clear a backlog and are limiting sales to 500 litres,” one company based in the west of Ireland told The Irish Times. “There are a lot of people trying to stock up because fuel prices are just going up and up.” The cost of home heating oil has climbed higher and faster than other fossil fuels in Ireland with prices almost doubling from around €400 for 500 litres to close to €800 in just a matter of months. The limits started being imposed in the middle of last week in the face of a spike in demand with many homeowners seeking to counter rising prices by buying more oil than they are likely to need as they head in to the summer months. Home heating oil and commercial motor diesel have started being rationed across Ireland as oil companies seek to manage supplies in the face of an unprecedented surge in demand.
Rising fuel prices are inextricably linked to the price of international crude oil, which has shot up sharply following Russia's invasion of Ukraine. Read More.
It means that anyone travelling around can see which town is offering the cheaper fuel. In Northern Ireland, as in the rest of the UK, there is no regulatory body when it comes to fuel pricing. The constant monitoring of prices is one of the reasons fuel here is currently cheaper than elsewhere in the UK, which wasn’t always the case. The AA said: “Every day is a record day at the moment, but Northern Ireland still enjoys cheaper fuel than the UK mainland.” A quick look at the website on Monday and drivers will see that it’s 156.9ppl for diesel in Craigavon, compared to 145.7ppl in Portadown. Similarly, petrol costs 152.9ppl in Magherafelt and 142.9ppl in Limavady. In the last two weeks, local drivers have reported a 20ppl hike in the cost of petrol and diesel at the pumps.
One year ago, the most expensive place for diesel here was charging 125.9p per litre, while the dearest petrol was 121.9p,. The rising price of crude oil has ...
It seems this price is set to spike in the coming days with increases of more than 10p per litre spotted in filling stations right across the region. It has been 12 days since the start of the war in Ukraine, which has been impacting crude oil prices, and prices are set to soar further with the continuing crisis. Fuel prices across Northern Ireland continue to soar, increasing by more than 10p in just a matter of days, but where in Northern Ireland has been hit the hardest?
Rising energy costs have been seen across Northern Ireland with the ongoing war in Ukraine driving the price of fuel and home heating oil higher. While some ...
And bus services are poor unless you live on the Enniskillen to Belfast road,” Fiona Jenkins said. “We have to rely on cars to get about. Meanwhile, home heating oil prices and supply in the Co Fermanagh area continue to be affected by the crisis in Ukraine.
On Monday, the price of oil soared to its highest level in 14 years as the US and Europe consider banning imports of Russian crude oil.
While this may help slightly, we don’t believe it is enough and local action on reducing excise duty is a must”, said Mr Blevings Consumers are already dealing with recent increases in food and energy costs, and increasing transport costs, unfortunately, adds to these woes. David Blevings, spokesperson for the IPRA said, "Unfortunately we are seeing huge upward pressure on wholesale and retail prices driven by strong demand and a real concern over future supplies. At home, the AA predicted last week that the surging prices could go “even higher” in the coming weeks. Prices of over €2 per litre are being seen across the country. “This is one of many serious increases people are facing,” he said.
A further rise in prices at fuel pumps towards £2 per litre can't be ruled out, an expert at the Consumer Council for Northern Ireland has said.
Asked directly if prices are set to keep going up, he said: “Yes, I think sadly it is likely that the price could keep increasing. Asked if consumers could see £2 per litre at fuel pumps in the near future, Mr McClenaghan said: “I really hope not. Asked what government could do, he said: “In relation to petrol and diesel prices, the fuel duty is controlled by London so the one obvious thing that could happen there is that the duty could be reduced, the tax that’s paid. He added: “I think, after the election, the Executive could be looking at ways to subsidise people’s bills in that way.” I’m seeing prices here in Co Antrim of £1.48.9, in Co Down of £1.71, but then prices are as high as that £1.81.” He explained that with prices here for both home heating oil and for petrol and diesel largely dictated by global energy markets, further price rises are likely to be on the horizon.
As Western countries consider a ban on Russian oil, fuel prices continue to skyrocket. The price of oil jumped more than eight per cent on Monday, ...
Speaking about the rise in prices, Paddy Comyn, head of communications at AA Ireland, said that paying €2 for a litre could become the norm. "What that may do is further increase the price because it is a case of supply and demand, so we might see the price of a barrel of oil increase. "It would look like that because we are seeing the price of a barrel of oil hit almost $130 a barrel and that translates to prices close to, or if not above, €2 a litre across the board on average," Mr Comyn explained.