Fuel prices have increased by over 30% compared with this time last year, which can be attributed to the recovery in crude oil prices, a national survey by the IFA has shown.
IFA farm business chair Rose Mary McDonagh highlighted that the spot price for a barrel of crude oil collapsed to $20 at the start of the pandemic, but it has steadily returned to pre-pandemic price levels this month of $65 to $70.
The IFA has suggested this rise in fuel prices demonstrates that farmers are caught in a cost-price squeeze.
“The rise in input prices without a corresponding increase in output prices means that the difference is coming out of farmers’ pockets, and impacting on their bottom line,” McDonagh said.
The average prices quoted during the IFA national survey include white diesel at €1.31/l, green diesel at 69c/l and kerosene at 65c/l.
There were variations of over 9c/l including VAT between the counties surveyed. On 1,000l of green diesel including VAT, the saving could be as high as €98.
Allowing for outliers, the IFA has said there is little price variation across the country compared with this time last year, reminding its members that it pays to shop around for fuel.
McDonagh added that some suppliers indicated that purchases in larger volumes tend to work out cheaper, particularly if paying on the day. Purchasing groups tended to receive the keenest quotes.
Further discounts can be secured when ordering fuel online.