There's good news for motorists as fuel prices continue to plummet despite an increase in the price of crude oil.
Although traffic levels have now shot up again as Ireland exits lockdown, drivers are not being punished at the pumps.
The AA revealed today that the cost of a litre of petrol has now fallen to a four-year low, the lowest level recorded since March 2016.
On average, a litre of petrol now costs 121.8c – down almost 2c from last month’s average price of 123.7c, according to the AA latest fuel price study.
Meanwhile, diesel prices have also continued to fall, dropping by 1.6c on average to a current price of 113.9c.
These prices are in stark comparison to the beginning of the year when a litre of petrol cost a whopping 144.5c and diesel costing 135.9c on average.
The price of crude oil has recovered somewhat, after a significant plunge in late April and early May.
Currently, Brent Crude Oil is trading at approximately $40/€36 per barrel, up from a price of $35-$36/ €31/€32 per barrel in late May.
But the price has almost halved since late 2019 when crude oil was fetching up to to $65/€58 per barrel.
Conor Faughnan, AA Director of Consumer Affairs said: "On many major routes across the country, according to TII data, traffic levels have increased by over 100% compared to the first week of Covid-19 restrictions, and the continued drop in fuel prices is welcome news for those who are now beginning to travel more regularly."
Mr Faughan added: "Reduced capacity on public transport may mean that some are more reliant on the private car than they were pre-Covid and lower fuel prices is a positive for those who need the car to commute to work or assist elderly relatives currently."
He reminded drivers to shop around and check fuel prices at different garages to ensure value for money.
"With global demand for fuel and oil now starting to increase as many countries continue to ease their COVID-19 restrictions, it comes as no surprise that crude oil prices are starting to increase. Despite this, prices at the pump remain low, but for how long remains unclear,” Mr Faughnan added.
He reminded drivers to shop around and compare fuel prices at different garages to ensure value for money.
