After a spike in oil prices on the back of the Iran incident, prices are now falling on lower crude oil costs.
David Blevings, spokesperson for the Irish Petrol Retailers Association said, “There are a lot of external
forces affecting the oil market currently. The recent attack on shipping in the Gulf of Oman pushed
prices higher. Looking forward we have the OPEC meeting in early July and the trade deal talks with
China. Any agreement or indeed disagreement at these events has the potential to drive the markets
upwards or downwards depending on the outcome.
It is hard to predict what will happen retail prices in the medium term but in the meantime we are
seeing a reduction in forecourt prices which is ultimately good news for consumers”, added David.