Petrol and diesel prices in Ireland look set to keep falling as a result of the economic slowdown in China.
Worldwide oil prices are at their lowest point in years and now it is expected that events on the Chinese stock market will bring lower prices again.
Prices, according to the Irish Petrol Retailers Association, said that prices have dropped by as much as 50c a litre in the last two years.
“The recent reductions in crude oil price will work its way into refined product prices and retail prices in the next week,” said spokesman David Blevings.
“It does take two to three weeks for it to feed into the retail supply chain.
“So there is another discount coming in. Prices have already fallen by over 30% or since the end of 2013 and we are now seeing the market reacting to what Goldman Sachs have been saying for some time, prices will be “lower for longer.”
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