Fuels for Ireland chief warns fuel prices could rise 35 cent per litre by January under policy changes
AI Market Summary
Irish fuel industry warns combined policy changes (excise reinstatement, carbon tax, higher renewable fuel mandate) plus Middle East shipping constraints and elevated insurance costs could lift retail petrol/diesel and heating oil prices into January. Despite a pullback in crude, wholesale diesel prices have risen sharply and transmit quickly via Platts benchmarks, reinforcing near-term inflation sensitivity and supporting refined product and Brent-linked risk premia.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT-0.72%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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The CEO of Fuels for Ireland said petrol, diesel and home heating oil prices could rise by a combined 35 cent per litre by January if the government reinstates fuel excise duty in September, raises carbon tax on budget night and increases the renewable transport fuel obligation from January 1. He said diesel wholesale prices have already jumped by more than 20 cent per litre in the past 2.5 weeks, with VAT still to be added. He also cited renewed Middle East conflict that has restricted shipping through the Strait of Hormuz and pushed up insurance costs. Wholesale prices published daily by Platts feed through to the Irish market almost immediately, he said.
