Petrol and diesel prices back on the rise after four months of falls, but there is some good news for EV drivers

A key reason for this can be linked to crude oil costs, which are rising due to instability in oil-producing regions.

Prices at the pumps had fallen in October, November, December and last month.

But this trend has been reversed this month, with a three-cent increase in the cost of a litre of petrol to €1.71, according to the latest AA Ireland fuel-price survey. Diesel is up four cent this month to €1.72 a litre.

Crude oil has risen slightly and is now trading at around $83 (€76.70) a barrel for Brent.

Houthi attacks on commercial vessels in the Red Sea and Bab-el-Mandeb Strait have continued to stoke concerns over freight flows through the critical waterway, leading to an increase in crude prices.

However, there is better news for drivers of electric vehicles (EVs) because the cost of charging EVs has fallen.

Blake Boland, head of communications for AA Ireland, said: “Motorists in Ireland are feeling the pinch at the moment with consistent increases in the cost of running a car in recent years.

“We had a steady drop in fuel prices over the last four months. We are disappointed to see that trend coming to an abrupt halt.”

Mr Boland said crude oil prices had risen slightly into February.

“The price of crude oil rose over the last month from around $79 (€73) per barrel to around $83 per barrel. Although only a small rise, it is likely to have a knock-on impact at the pumps.”

AA Ireland warned that prices are unlikely to remain steady.

“Further instability in oil-producing regions and the ongoing conflict in Ukraine could shift the price of crude oil,” it said.

“We saw global stocks reducing in January, and any disruption of supply could raise prices further.”

Mr Boland warned drivers that they are also edging closer to the phased reintroduction of full excise duties on motor fuels that were postponed late last year.

Prices will ultimately increase by eight cent a litre for petrol and six cent a litre for diesel.

In last October’s Budget, Finance Minister Michael McGrath deferred the final tranche of the fuel duty excise increases. They will come in two equal instalments, with the first on April 1.

AA Ireland called on motorists to address their driving speed to cut what they are spending on fuel.

An experiment that the insurance and breakdown company did last year showed that reducing speed on the motorway from 120km an hour to 100km could cut the fuel bill by 29pc.

It also has the welcome benefit of making our roads safer, Mr Boland said.

EV owners saw a drop in charging costs this month, according to the AA Ireland survey. EV owners will pay on average €900 a year, compared to the December average of €967 to cover the national average of 17,000km a year.

The figure of €900 remains elevated far above the prices seen before Russia’s invasion of Ukraine two years ago. However, Mr Boland said that the trend looked like continuing downwards.