Diesel and Petrol Trends in Ireland | Weekly Averages & Market Insights

Fuel Price Analysis for Diesel and Petrol in Ireland (20-2024)

Diesel Prices Overview

The diesel prices in various counties in Ireland for the year 2024 have shown fluctuations over the weeks. Below is a summary of the weekly average diesel prices for selected counties:

Co. Dublin: Diesel prices have gradually increased from €164.97 in week 1 to €177.28 in week 17, then slightly decreased to €173.83 in week 20.
Co. Roscommon: Diesel prices started at €168.33 in week 1, peaking at €179.71 in week 16, and settling at €170.10 in week 20.
Co. Clare: Starting at €167.45 in week 1, the prices peaked at €178.76 in week 18 and stabilized at €175.75 in week 20.
Co. Meath: Diesel prices increased from €166.36 in week 1 to €180.64 in week 17, before decreasing to €173.32 in week 20.
Co. Louth: The prices ranged from €165.28 in week 1, peaking at €179.46 in week 16, and slightly dropping to €174.75 in week 20.
Co. Kildare: Diesel prices started at €166.51 in week 1, reaching a high of €180.48 in week 16, and decreased to €174.13 in week 20.
Co. Galway: Prices began at €163.82 in week 1, reached €179.65 in week 16, and fell to €174.07 in week 20.

Petrol Prices Overview

The petrol prices have also shown variability across different counties throughout 2024. Here is a summary of the weekly average petrol prices for selected counties:

Co. Dublin: Petrol prices fluctuated from €167.87 in week 1, peaking at €181.73 in week 17, and then dropping to €179.01 in week 20.
Co. Roscommon: Prices started at €168.40 in week 1, reached €183.35 in week 17, and settled at €179.10 in week 20.
Co. Clare: Starting at €168.38 in week 1, the prices increased to €183.69 in week 18, and slightly decreased to €181.75 in week 20.
Co. Meath: Prices rose from €167.65 in week 1 to €184.88 in week 17, before falling to €181.41 in week 20.
Co. Louth: The prices ranged from €165.73 in week 1, peaking at €183.90 in week 16, and slightly dropping to €179.76 in week 20.
Co. Kildare: Petrol prices started at €167.53 in week 1, reaching a high of €184.25 in week 17, and decreased to €182.50 in week 20.
Co. Galway: Prices began at €165.70 in week 1, reached €184.12 in week 16, and fell to €181.01 in week 20.

Key Observations

Increasing Trend: Both diesel and petrol prices have shown a general increasing trend across all counties, with occasional fluctuations.
Weekly Fluctuations: There are notable weekly fluctuations, suggesting volatility in fuel prices influenced by various factors including market dynamics and possible policy changes.
Peaks and Drops: Most counties saw the highest prices around weeks 16-18, followed by a slight decrease towards week 20.

Summary of Recent Oil Price News

Oil prices eased less than 1% on Monday as U.S. Federal Reserve officials indicated they are waiting for more signs of declining inflation before cutting interest rates. Despite a recent easing in consumer price pressures in April, Fed officials are not ready to declare inflation trends are sustainably back to the 2% target.

Lower interest rates could reduce borrowing costs and boost economic growth and oil demand. Brent futures fell by 27 cents to $83.71 a barrel, while U.S. West Texas Intermediate (WTI) crude fell by 26 cents to $79.80.

The Brent premium over WTI remains near its lowest level since March, reducing profitability for energy companies exporting U.S. crude. Additionally, the premium of Brent's front-month over the second month, known as backwardation, fell to its lowest since January, influencing storage and usage decisions by energy firms.

The market remained unaffected by political uncertainties in major oil-producing countries such as Iran and Saudi Arabia. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are scheduled to meet on June 1. Saudi Arabia's crude oil exports rose in March, while Russia remained China's top oil supplier in April.

Conclusion

The analysis of fuel prices in Ireland for the year 2024 indicates a general upward trend for both diesel and petrol. This trend is consistent across multiple counties, though there are significant weekly fluctuations. The recent news on oil prices suggests that broader economic factors, including interest rates and geopolitical events, continue to impact oil markets globally. Understanding these patterns can help consumers and businesses better anticipate fuel costs and manage their budgets accordingly.