Bruton exposes Irish oil rip-off: diesel 20.1% dearer, petrol 11.3%, ...

Tag : fuel oil
Sunday, 2 November 2008 Bruton exposes Irish oil rip-off: diesel 20.1% dearer, petrol11.3%, heating oil 13%
Fine Gael Deputy Leader & Finance Spokesman Richard Bruton TDis calling on the National Consumer Agency to investigate Irishfuel prices after new figures show that pre-tax prices for oilproducts in Ireland are far higher than in the EU.
"Figures released by the European Commission this week on theprice of petrol products show:
Irish pre-tax prices for oil products on the 20th October are fardearer than in the EU. Petrol is 11.3% dearer, while diesel is20.1% dearer, and home heating oil is 13% dearer.
On October 20th petrol was 5.4 cent per litre dearer, while dieselwas 12.1 cent dearer and home heating oil was 7.4 cent dearer.
In the last 6 months Irish prices have swung from being muchcheaper than EU prices to being much dearer. The worst case isdiesel, where the price swung from being 13% cheaper in May tobeing 20.1% dearer in October.
"Motorists rightly feel aggravated by this rip-off which theGovernment has done nothing to stop.
"The problem is that changes to the price of Irish oilproducts are lagging behind European prices. In July, when EU oilprices began to fall, Irish markets did not follow suit. Savingswhich were already being passed onto European consumers did notreach Irish consumers until October.
"Irish motorists cannot afford to be the victims of slowermarket responses within the Irish economy. Higher transport costswill have a negative effect on Irish industry. During the currentrecession it is especially important to remain competitive, so thatIrish industry can compete effectively with its European rivals ina global market place.
"The industry may argue that Irish motorists were shelteredfrom price rises when EU oil prices initially began to rise, butthis is of little consolation when Irish motorists, businesses andhouseholds are paying higher prices for oil products than theirEuropean counterparts.
"The National Consumer Agency must immediately conduct apetrol and diesel price survey to expose service stations that arenot passing on the fall in the price of oil. The Agency must alsoinvestigate whether there is an unfair mark-up on oil products inIreland."
Ends
Please find attached details of Irish and EU oil product prices.
Difference in Oil product Prices in Ireland and the EU Average
May 2008 October 2008
Difference between Irish and EU average
19/05/2008
% Difference between Irish and EU average prices
(19/05/2008) Difference between Irish and EU average
(20/10/2008) % Difference between Irish and EU average prices
(20/10/2008)
Super 95 59.76 -10% 53.99 +11.3%
Automotive Gas/Oil 99 -13% 120.92 +20.1%
EU Heating gas/oil 101.3 +14% 73.75 +13%
- denotes Irish prices being below EU average prices
+ denotes Irish prices being greater than EU average prices