Fuel prices are once again on the rise, having risen by 10c/l in the past 10 days. Between mid-December and the start of February, prices had risen by 10c/l to highs of €1.08/l (including VAT) before dropping by 10c/l over the course of the two months that followed.

But, now, the tables have once again turned as prices rebound to the highest they’ve been for 2024 to date.

As we went to press this week, prices being quoted for bulk orders of Marked Gas Oil (MGO), or green diesel as it’s known, were ranging significantly from €1.04/l to €1.11/l (including VAT).

According to the range of suppliers contacted, these prices are up by as much as 10c/l since the 1 April.

Why are prices rising?

On 1 April, because of the Government’s phased reintroduction of the fuel excise duty, price increases of 4c/l, 3c/l and 1.7c/l were added respectively to petrol, diesel and green diesel (marked gas oil). However, further Government-related price increases are due to follow later in the year, one of which is the final instalment to fully restore the excise duty on fuel on 1 August, at which point lower case price increases of 4c/l, 3c/l and 1.7c/l will be added to petrol, diesel and green diesel.

A planned carbon tax increase is also set to further drive up fuel prices later in the year.

Interestingly, the recent price rises have turned the tables regarding the Republic of Ireland and Northern Ireland fuel price gap, with pump prices in some cases now cheaper north of the border.

The recent excise reintroduction, coupled with the continued tensions in the Middle East, is understood to be behind the current ongoing price hikes. All suppliers contacted highlighted that the market has been very volatile over the past 10 days, with almost daily price increases.

Brent crude

Over the course of last weekend, Brent crude prices hit its highest peak in six months, with prices topping at almost $92/barrel. In December, prices bottomed out at $73/barrel.

In a 30-day period between March and April, the price of Brent crude steadily rose by $10/barrel, or just over 12%.

Irish pricing

According to one major Irish supplier, price rises/dips on the world market take two to three days to affect Irish pricing.

At the time of print, Brent crude was trading at between $90 and $91/barrel.