Why does petrol and diesel cost so much?

Or not coming down! You’ve heard many of the reasons in the press recently. The price of a barrel of oil is going up, but the dollar has weakened against the euro. Or has it strengthened against the pound. The normal winter price increases because of the demand in the colder United States should have worked its way out of the system – yet we’re not seeing this, or will soon be working it’s way back in. Others say it’s all down to oil speculators. Who knows!

The people who actually set the petrol prices in Ireland is an organisation called the Irish Petroleum Industry Association (IPIA) which, according to their website “is the representative body of those companies in Ireland engaged in the importation, distribution and marketing of petroleum products”. The site says that the members of the IPIA represents 95% of the oil industry in the Republic of Ireland.

So, obviously they’re “insiders” – if there’s money to be made on the price of petrol and diesel – then these are the people who make it.

To get the other side of the story, they have published a document called “What determines pump prices”. Click here to read that document to see what they have to say.

 

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