The price of agricultural diesel across Northern Ireland has remained relatively steady since the end of 2016 with suppliers quoting from 52.5p/l to 54.5p/l (including VAT) for red diesel delivered on farm this week.

Quotes from suppliers can change daily with market movements and are dependent on the amount of diesel ordered, as well as the delivery distance.

Price movement

“Prices might come back a penny one day but this last while we have seen that they generally move back up again within a day or two,” one supplier said.

Agri diesel prices rose sharply in October last year and, other than a small dip in November, have remained over the 50p/l mark since then. Current prices contrast significantly from February last year when lows of 35p/l were on offer.

Global markets

Since then, global oil markets have increased in value, and sterling has weakened against the US dollar.

Brent crude oil prices moved up by around $1/barrel on Tuesday to $57 as major oil-producing countries continue to cut output. Last January, oil markets bottomed out at around $29/barrel.

Sterling also remains relatively weak against the US dollar, trading at £1=$1.24 on Tuesday of this week, compared with £1=$1.47 before the Brexit vote last June.