The leading supermarket chains, which blamed rising fuel costs for price hikes, haven’t yet lowered grocery prices, and are in no rush to do so
The average motorist drives 17,000km annually with the average petrol car covering about 12.5km per litre and about 17km per litre of diesel. Based on these figures, the annual cost of driving when petrol was at its highest was €2,896. Based on a price of €1.62 per litre it would fall to €2,203, a reduction of €693. The annual cost of driving a diesel car based on the prices at their peak was €2,050 compared with €1,620 at today’s prices, a reduction of €430.
Kevin McPartlan of Fuels for Ireland is reluctant to make pricing forecasts, but suggests, “things seem to be stable and we don’t see anything coming down the line that would have an obvious dramatic impact. Getting the bunting out to celebrate might be a little bit premature, but I wouldn’t be at all pessimistic at the moment”.
The Russian invasion of Ukraine is behind the oscillating prices, says McPartlan. Many refineries in western Europe were designed to process petrol, while refineries in the east leant towards diesel. “The EU is a net exporter of petrol and a net importer of diesel,” he says. “Russia has been a big exporter of diesel and when the war began, people wanted to stop doing business with Russia, so the impact on diesel prices was greater.
“But if the retailers can slice a little bit off the wholesale cost, I would imagine they would and they might ride the wave for a little while, for as long as they can get away with it, but the minute the first breaks, you would expect them all to break.” A spokeswoman for SuperValu said it was “working hard with our suppliers, who are still faced with the impact of high input costs, to ensure we continue to deliver the best value and quality Irish products for our customers”.
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