International oil prices fell sharply in the last week due to the discovery of the new COVOD-19 variant, Omicron.

Stocks, shares and oil prices all dropped on news that the new variant was being tracked around the world.

For farmers, the effect was to take 5c/l to 6c/l off the price of green diesel, with quotes falling to 65c/l to 67c/l plus VAT at 13.5%.

Oil prices began to rebound on Tuesday, so the welcome fall in diesel prices may prove to be short-lived.