The latest AA Ireland monthly Fuel Price Survey shows a slight drop in petrol and diesel prices over the last month, while the cost of running an electric vehicle has also fallen.
The price of petrol is down from €1.85 in September to €1.83 and diesel has fallen by one cent from €1.85 to €1.84 per litre.
This comes on the back of a surge in prices during the summer. September saw an increase of €0.15 per litre in petrol prices and an increase of €0.21 cent for diesel, mainly due to the second tranche of Excise Duty restorations and an increase in the wholesale cost of fuel.
AA Ireland noted that although prices have eased slightly into October, they still remain elevated from May of this year when diesel averaged €1.47 per litre.
Blake Boland, Head of Communications with the AA Ireland, said that fuel prices are still somewhat unsettled, with changes to taxes and duties having an impact.
“The recent budget announcements saw Carbon Tax increasing from €48.50 to €56 per tonne emitted. This had the effect of adding up to €0.03 per litre onto Petrol and Diesel. However, we did not see this following through to the cost at the pumps,” he said.
He also said that there was good news for the motorist on Excise Duties in this month’s Budget.
The Government had been due to restore the last tranche of Excise Duties at the end of October, which would have seen an extra €0.08 on petrol and €0.06 on the cost of a litre of diesel.
But the Government decided to put off the increase until well into 2024.
“However, the price of crude oil remains elevated at approximately $90 per barrel, up from about $70 during the summer. On top of that, the political situation in the Middle East remains unstable, and the markets are nervous about the impact this may have in the coming months,” he added.
AA Ireland also said that electric vehicle drivers have fared better with recent price drops in electricity costs.
With most electricity providers dropping their prices in recent weeks, the average EV driver is now paying €1,017 per year to fuel their car over 17,000km.
This compares favourably with a similarly sized diesel vehicle that will be paying about €2,190 to cover the same distance.
It also noted that those in a position to charge at home and take advantage of very competitive night rates could be paying less than €300 per year to travel that national average of 17,000km.