Moynihan questions current petrol price disparity by comparing historic oil barrel costs

Published on: 24 June 2022

Fianna Fáil TD for Cork North West, Michael Moynihan has called for an explanation as to why petrol prices at the pump are so high today given that the cost of a barrel of oil is at a “reasonable” point compared to the recent past.

Deputy Moynihan, who raised the issue with Minister for Finance Paschal Donohoe in Dáil Eireann, commented, “The high cost of fuel is among a number of pressing issues impacting society and challenging families across the country.

“However, when looking at the cost of a barrel of oil in the recent past and the corresponding price of petrol at the pump, the comparison is stark.

“According to AA figures for June 2022, the average price for a barrel of oil is $120, with the average petrol price at the pump coming in at €2.11 per litre, however, back in June 2008, the cost of a barrel of oil was up at $133.90 with the price at the pump for a litre of petrol coming in at €1.30.

“Why is there such a difference in it when it was exceptionally high back then and it is at a reasonable price today, and is there something Government can do to examine this, even taking a look back at a number of years and seeing where the price of crude was not showing the inordinate increase that we are seeing at the pump today.”

In his response, Minister for Finance Paschal Donohoe stated that he would liaise with his department and the other relevant departments on the issue.