Agricultural diesel (more commonly known as green diesel) prices have eased back significantly since the highs we saw last autumn. The Irish Farmers Journal carried out a price survey of both green diesel and kerosene this week to establish current trends.

Our survey results, which are summarised in Table 1, show average prices quoted for 1,000 litres of kerosene and green diesel delivered and including VAT. Green diesel quotes range from 69.9c/l to 75c/l, with the best value available in the northwest.

The dearest region to buy green diesel is in the south of the country this week.

Kerosene prices range from 66.5c/l to 70c/l, with best value available in the south east. Similar to green diesel quotes, the dearest region to buy kerosene this week is the south.

Last October, green diesel prices were in the region of 85c/l, which shows the considerable easing in price since.

Oil prices

The Brent crude oil price is currently trading at $62.57/barrel. Monthly averages in 2018 rose to over $70/barrel in July and October, but fell back to $40/barrel in December.

Prices were volatile in 2018, but did not reach the highs or the lows that were forecast by seasoned investors and pundits.

With this in mind, you would be very foolish to make a prediction of where oil prices will go in 2019.

All we can do is look at the factors at play. Latest reports from Reuters tell us that Saudi Arabia plans to cut oil production in an effort to drive up prices to help fund an economic transformation plan.

On the other hand, OPEC has cut its forecast for 2019 world oil demand, pointing to slowing economies and greater supply from rivals, which will reportedly make it hard to prevent a glut in supply.

Bank of America backs up this sentiment and expects Brent crude oil prices to average $70 in 2019 and $65 in 2020.

However, other factors at play, such as trade talks between the USA and China and USA sanctions against Iran and Venezuela, cannot be ignored.