Petrol prices overtake diesel – but it’s a temporary spike

Petrol prices overtook diesel for the first time in months at many forecourts during the past week, but experts say it’s likely to be a temporary spike.

Motorists were reporting surging petrol prices at many forecourts across Dublin over the weekend, with petrol on average 4c more expensive per litre than diesel.

However, Fuels for Ireland CEO Kevin McPartlan says the petrol price typically surges at this time every year and it’s American motorists who are behind the phenomenon.

“In the last few days petrol has become more expensive then diesel again and a lot of people are wondering why that is,” Mr McPartlan said.

“And the answer is almost bizarre – in America the holiday driving season starts with Memorial Week which was last weekend. According to the AAA, the American automobile association, about 40,000 Americans drove more than 80km last weekend.

“It didn’t just happen this year – every year there is a massive spike in the price of gasoline on a global level, so that caused an increase in the price of petrol over the last few days.

“While we were saying that the impact on the price of diesel has been greater than on petrol in terms of the Ukraine situation, it seems like the markets believe there was a bit of an over correction in terms of the difference between diesel and gasoline, and that has been addressed a little bit. So it has meant that there has been a change, and we’ve gone back to diesel being slightly less expensive than petrol.”