Petrol and diesel prices are set to fall even further, with oil prices set to reach lows not experienced since 2003.
RTÉ report that crude oil prices have fallen to below $30 a barrel thanks to the economic slowdown in China and supply trumping demand.
The price of diesel in Ireland has now dropped below €1 per litre, with analyst Troy Lavin stating that supply has been “way too much for the last two-and-a-half to three years.
“Demand, which was all being led by China, is slowing down significantly. Although there is still growth in China, it’s a lot less than it used to be.”
Prices have been dropping at the pumps in Ireland but not as much as expected, given the 70% tax on fuel.
Lavin stated that prices should start rising again, or at least levelling off, in the second half of the year.
“It’s just a case of when that happens,” he added.
LISTEN: You Must Be Jokin’ podcast – listen to the latest episode now!
