Gasoline prices could drop by as much as $3 per litre in Ireland this weekend, the Irish Times
by David O’Sullivan reveals.
The article claims a drop of between $3 and $4 per litres will hit Ireland by Saturday.
There are several factors to consider here, one being that gasoline prices are set by the Irish government and not by the private sector.
Gasoline is priced in pounds and liters, which are based on a fixed formula and not a wholesale price.
So, if you were to buy a gallon of gas at $3.80 and then use it to fill up your car, it would cost you $4.50.
While a gallon will not necessarily equal the same amount of gas, it is a pretty good approximation of the amount of fuel used to drive a car in Ireland.
In fact, it can be considered a good approximation for the price of gasoline.
It also helps to be able to remember that the Irish currency is currently pegged to the pound and so will fluctuate in value.
Therefore, if your local petrol station is selling €1.10 per litne, the difference between €1 and €1 .10 would be the difference in the price at the pump.
A similar situation could arise if you bought a gallon at €3.50 and used it to buy something else, say a pint of milk.
If you paid €2.50 for a pint, the €2 difference between the price and the price paid would be worth about €4.20.
With this in mind, I think it is safe to say that there will be a large number of Irish motorists heading into the weekend and into the New Year.
This is due to the introduction of fuel duty in Ireland and a change to the fuel price formula.
As well as a lower price, fuel duty has increased from its current level of 4.5% to 6%.
It has increased the price by about €1 per litie, meaning that drivers are paying around €4 a litre more.
For some, this will mean the loss of money.
However, if this is the case, there are a few things to consider.
Firstly, this change is in the interests of consumers, not drivers.
According to the European Commission, fuel tax is a revenue-raising mechanism to stimulate economic activity.
Although, as it stands, fuel price rises are primarily used to pay for infrastructure and other social welfare programmes, the government does not expect fuel duty to drive any further increases in spending.
Secondly, it does not seem likely that the increase in fuel duty will have any immediate impact on the Irish economy, as many businesses are already profitable.
Even if fuel duty were to be introduced in the next few weeks, it will be at the expense of some businesses and consumers.
Furthermore, as we discussed earlier, the new fuel price has no effect on petrol prices in Ireland, as this is a fixed price formula, which is based on the cost of a gallon.
Thus, there will not be a drop in petrol prices.
Thirdly, it should be noted that there is a small amount of inflation in Ireland at the moment.
But, as the Irish Independent points out, that is due largely to a fall in the value of the pound, which has been in freefall since June 2016.
And, of course, the price that motorists pay on petrol is based largely on the value that the British government has set as the benchmark for a price.
In other words, petrol prices are determined by the market.
What does this mean for motorists?
As I explained earlier, petrol will still be a cheap option for many motorists.
I think this will come at the cost, at the very least, of an increase in the cost per litrea.
At the moment, it costs around €3 per liter, and the amount you will pay for a gallon in the future will depend on the amount that you drive.
That said, it won’t necessarily mean that the price will drop for motorists, because there are still other things to take into account.
First, you will have to buy fuel from other sources.
Second, the amount on offer in your local car park will be determined by your state and local council.
When you buy petrol from a petrol station, you may be paying for the privilege of driving on a weekend.
By comparison, a pint is normally about €3, and a litrea is usually around €5.
All of this should mean that petrol prices will be lower for many Irish motorists, as well as drivers, and they should see an increase to the cost and quality of the fuel they buy.
Finally, if the increase to fuel duty does not bring down the cost to motorists, they may have to consider the effect on their other savings.
To make matters worse, petrol sales in Ireland are being regulated and monitored by