The price of a litre of fuel has fallen again in Ireland in October. That’s in spite of the extra taxation levied on fuel in Budget 2025, which saw an automatic increase in Carbon Tax, which affects prices at the pumps.
Petrol and diesel both down
Nevertheless, according to AA Ireland, the average price for petrol fell by 2c per litre to €1.72. Diesel prices also fell by 1c per litre to €1.66 on average. That’s the third straight month of decline in fuel prices.
Crude oil prices
Most of the reduction is due to the fall in the price of crude oil, which is hovering at around $74 per barrel. Normally, with political and military turmoil in the Middle East and the continuing Russian invasion of Ukraine, one could expect to see significant spikes in the price of oil, but it’s just not happening - at least not yet.
Cheaper EV charging too
EV drivers are also catching a break. Electric vehicle owners can expect to pay an average of €808.64 per year to cover an average of 17,000 km per year, a reduction of roughly €49 per year this month.
Jennifer Kilduff, Head of Marketing & PR for the AA (Ireland), said, “Again we’re seeing the average price of fuel decrease at the pumps. The EV driver is better off this month as a result of the standard 24 hour rates decreasing with energy provider Energia. We also know that Electric Ireland is reducing their rates from November 1st, so rates will only continue to get better for EV drivers over the next few months. Shopping around and planning your fuel refills can save you some money.”
However, we shouldn’t be complacent. Fuels For Ireland pointed out that thanks to the changes in Budget 2025, Ireland now has the highest levels of fuel taxation in Europe. That’s fine at a time of falling oil prices, but any increases in the cost of oil will be dramatically magnified at Irish pumps.