Price of fuel at the pumps shows monthly decline | BreakingNews.ie

The price of fuel at the pumps has begun to fall, new figures for June show.

The latest AA fuel price survey showed the cost of petrol fell by an average of 4c a litre this month, while diesel dropped by 5c.

The average price for a litre of petrol this month was €1.79, while it was €1.71 for diesel.

It comes as crude oil prices are down, hovering around $83 per barrel.

“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,” AA Ireland’s Jennifer Kilduff said, commenting on the June figures.

“Recently, reduced tensions and attacks have led to a softening of prices. Weaker demand in the US has resulted in high fuel stock levels amid increased production, and delays in interest rate cuts by US banks have also contributed to lower international fuel prices.”

However, she noted the second reinstatement of excise duty is due to go ahead on August 1st, followed by the carbon tax increase in October, calling on the Government to reconsider these moves “as it has a direct impact on pump prices”.