The unrest in Ukraine and political tensions have continued to cause huge fluctuations in fuel pricing.
As we went to press this week, prices of 1.24c/l to 1.36c/l (VAT inclusive) were being quoted for Marked Gas Oil (MGO), more commonly known as green diesel.
Green diesel prices are actively rising and falling by up to four and five cent per day, and are fluctuating by up to 12c per week.
With the silage season getting under way in parts of the country, such fluctuations are making it very difficult for contractors to provide quotations for silage works.
Although most are keeping prices under wraps, we have heard of rates in the region of €150-€170 (VAT inclusive)/acre actively being charged in parts of the country.
The availability and supply of fuel was initially a big worry a while back, but speaking to a number of prominent suppliers this week they all explained that supply is currently at normal levels. Once again, fuel suppliers are adamant that credit supplies will continually to be kept tight.
International oil markets continue to remain extremely volatile in the wake of sanctions on Russian oil imports.
Brent crude was trading at $103 to $104/barrel as we went to press, up from $98 to $100/barrel on 16 March.
However, it is still back on the highs of $128/barrel earlier this month when sanctions were first imposed.
As oil is traded in dollars, it’s worth pointing out that currency fluctuations also have an impact on Irish pricing.