Petrol and diesel prices drop amid hopes for cheaper home heating oil costs

Households struggling with the cost of living crisis have got a slight reprieve recently with a drop in the cost of petrol and diesel with hopes now that home heating oil is also set to reduce. 

Latest figures from AA Ireland show that petrol and diesel prices have dropped sharply in the past few weeks.

However, they are still significantly up on what motorists were being charged last year.

Drivers are being charged an average of €1.86 for a litre of petrol and €1.89 for diesel, according to the latest survey from AA Ireland.

In contrast, on July 1, the price of petrol was €2.16 and €2.15 for diesel, AA Ireland said.

Meanwhile, global crude oil prices have fallen sharply in recent weeks

The price fell to a six-month low mid-week amid concerns about the prospect of a global recession.

This has in turn led to hopes of a drop in prices for home fuel, which rocketed in recent months, increasing pressure on households struggling with constantly rising costs.