Clare Fine Gael Senator Tony Mulcahy is urging fuel companies to pass on expected reductions in prices to consumers over the coming weeks.
Despite fuel prices at Clare’s filling stations peaking at almost 171c per litre for petrol and 160c per litre for diesel in mid April, prices have dropped considerably in recent weeks.
However, Senator Mulcahy said that further anticipated falls in the price per barrel of Brent crude oil should be reflected at fuel pumps around the county. He added that further reductions will have a positive impact on all sectors of the community, including transport, tourism and agriculture.
He explained: “Brent crude oil, which dictates European fuel prices, has fallen from $106 per barrel in March, to around $90 in early June. Many analysts are suggesting oil prices will continue the downward trend in the coming weeks. In line with this outlook, average prices for petrol are should fall widely to €1.54 per litre in the next few weeks, while diesel prices are expected to drop to1.44 per litre. As a result, we should be seeing a further five cent drop on a litre of fuel in the next month. I would call on all retailers to do the right thing by passing on these expected reductions in prices to their consumers.”
Senator Mulcahy continued: “The drop in fuel prices in recent weeks will come as a relief to all. For those in the agriculture sector, the soaring cost of fuel in the first quarter of 2012 meant that farming had become much less profitable, as operating machinery had become more and more expensive to operate. In tourism, the cost of car rental had acted as a deterrent to some while domestic tourism also suffered as a result of the excessive travel costs. Furthermore, haulage and transport operations havd become less profitable and are more difficult to sustain. For everybody else, the costs associated with everyday travel were having a negative effect on already stretched household budgets.”
“It is important that people shop around to ensure that they are getting value for money. This in itself encourages retailers to compete with each other for customers which can only serve to benefit consumers in the long run. Having said that, the majority of petrol and diesel pumps across Clare have reflected the wider reductions nationally and I look forward to this trend continuing in the coming weeks.”
