Prices of petrol and diesel rise by 3c after dropping last month

Experts said the rise reflected an increase in crude oil prices riven by supply risks and tensions in the Middle East.

The cost of a litre of diesel this month is up by 3c on the January price, and is now €1.72.

Petrol has gone up by the same amount and is now €1.70 a litre on average around the country, according to the February AA Ireland fuel price survey.

The cost of charging an electric vehicle at home or at a pay-as-you-go public charging facility has remained unchanged.

Crude oil had been trading near six-month highs over fears for supplies due to US president Donald Trump’s threats to bomb Iran.

But in the last few days, the price of oil on international exchanges fell after the US administration announced a 15pc increase in import tariffs.

Such protectionist measures intensified investors’ concerns about a slowdown in global economic growth and a reduction in fuel consumption worldwide.

More than half of the cost of petrol and diesel in Ireland is made up of taxes and levies.

The latest rise comes after the cost of both petrol and diesel had dropped in by 4c in price in January, reflecting a fall in crude prices at the time.

While the rises are relatively limited, they will still be felt by drivers

This had been enough to counter a government-mandated change in rules around the refining of motor fuel at the start of this month that added 5c to the cost of a litre of fuel at the forecourts.

A spokesperson for AA Ireland said: “Following a modest easing of prices in January, motorists are now seeing a small increase at the pumps in February.

“While the rises are relatively limited, they will still be felt by drivers who are already contending with higher day-to-day motoring costs. EV charging prices, however, remain stable, providing some certainty for electric vehicle owners.”

AA Ireland said fuel prices continued to fluctuate in response to movements in global oil markets and currency exchange rates.

Pump prices can also vary significantly depending on location and retailer.

AA Ireland encouraged motorists to remain fuel-savvy, maintain their vehicles and adopt efficient driving habits to help offset rising costs.

There was a rise in carbon tax announced in October’s budget. Government-mandated changes will add 5c to the cost of a litre of fuel from this month.

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