Fuel prices rise sharply in July as hostilities resume in Middle East - Business Plus
Fuel pricesrose sharply last month as the US resumed strikes on Iran. Analysis byAA Irelandshows that the average price for a litre of diesel rose to €1. 92 at the start of August, a 19c increase from the start. . .
Fuel pricesrose sharply last month as the US resumed strikes on Iran. Analysis byAA Irelandshows that the average price for a litre of diesel rose to €1. 92 at the start of August, a 19c increase from the start of July. The average price for a litre of petrol, meanwhile, jumped nine cent to €1. 84. Motorists buying 50 litres of fuel are spending €9. 50 more for diesel and €4. 50 more for petrol compared to a month ago. AA Ireland said the shift reflected an increase in wholesale prices, which were in turn affected by the rising price of oil as hopes of a peace deal between the US and Iran receded. The company added that the change at the pumps "reflects global market conditions rather than any change in tax. "The government cut excise duties on fuels in April following protests nationally, and those cuts remain in place. Under government plans, the reductions are set to be reversed on a phased basis, starting in September. However, Minister for Public ExpenditureJack Chambershas indicated that the government is prepared to review the planned restoration. The price of petrol and diesel rose at the pump last month. AA Ireland said motorists should plan for further increases through the autumn if wholesale prices stay elevated. It also advised drivers to do maintenance checks on their vehicle, which would help to improve its fuel efficiency.