Green diesel prices continued to fall over the past week, coming in as low as 63c/litre including 13.5% VAT, for farm buyer groups and large contractors who pay on delivery. Smaller buyers are paying up to 69c/litre for one-off orders.

The drop in prices is a boost for tillage farmers, who will burn large volumes of fuel over coming weeks when the harvest gets underway. Running a large combine with tractors and trailers hauling away grain will require up to 1,000 litres of fuel per day, at a cost of about €650 including VAT.

Oil traders predict that these relatively low prices could persist in the days and weeks ahead.

Global oil prices are hovering around the US$50/barrel mark – their lowest level in six months.