FUEL PRICES HAVE fallen to the lowest level since the start of the war in Ukraine, according to the latest Automobile Association (AA Ireland) fuel prices survey.

The average petrol price across the country is now around €1.59, a fall of 3.6% on last month and the lowest since September 2021.

The price of diesel has also dropped significantly, with the average now at €1.51, down 9% on last month.

However, the AA said these prices are unlikely to last, as a phased restoration of previously reduced rates of excise on petrol and diesel will take place in three stages over the coming months.

The reintroduction of duty will see rates restored on 1 June by 6 cents per litre of petrol and 5 cents per litre of diesel.

On 1 September, these rates will increase by 7 cents for petrol and 5 cents for diesel. The Government will fully restore the rates on 31 October with a final increase of 8 cents for petrol and 6 cents for diesel.

“We have not seen prices this low for petrol and diesel since September 2021, well before the start of the ongoing conflict in Ukraine, which led to a dramatic increase in fuel prices internationally,” said AA Ireland’s Head of Communications, Paddy Comyn.

“Motorists won’t be able to enjoy these prices for too long, however. We already know that unless prices fall again, then petrol will be back up to around €1.80 per litre and diesel to €1.76 per litre by the end of October, which were the same as at the start of the Ukraine conflict.”

Meanwhile, electric vehicle (EV) drivers are paying almost identical amounts this month as electricity prices remain elevated.

The average EV driver is paying €1,131.04 to charge their car over the course of the year, down from €1,138.13 in the previous month.

However, those using Smart Meters and cheap night rates are paying as little as €421.43 to cover the same 17,000 kilometre distance.

The AA said those that are charging exclusively on public chargers could be paying up to €2,150.27 per year.

It said continued volatility in global markets and more long-term hedging mean that a drop in electricity prices may take some time to pass on.

According to the AA, it calculates a diesel car will travel, on average, around 850 kilometres on a tank vs 700 kilometres on petrol.