Following a week of rising prices, green diesel prices have eased this week by 10-12c/l. Prices were back from the highs of 1.65-1.70c/l (VAT inclusive) to an average of 1.22c/l-1.28c/l (VAT inclusive) this week as we went to press.
With issues around supply sending fear throughout the industry over the past few weeks, this doesn’t seem to be an issue at present. Speaking to a number of prominent suppliers this week, they all explained that supply is more or less at normal levels.
All fuel suppliers we spoke to were adamant that credit supplies will be tightened going forward, especially around silage season. One supplier explained: “Diesel will be like fertiliser, there will be little to no credit offered.”
International oil markets continue to remain extremely volatile in the wake of sanctions on Russian oil imports. Brent crude was trading at $107 to $108/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. With oil being traded in dollars, it’s worth pointing out that currency fluctuations also have an impact on Irish pricing.