International prices continue their downward trend and this continues to dripfeed into pump prices. Last week drop will see average prices for petrol fall to about 1.54 in the next 10-12 days and diesel to about 1.44. - Watch out for the price agressive stations going sub 1.50 / 1.40 for petrol & diesel from next weekend (as predicted here on Pumps.ie on June 4th!!)
The falling trend is set to continue and many analysts are suggesting oil prices will continue the downward trend in the coming weeks with targets in the $50 - $60 being the most prevalent.
As a ready reckoner - every $10 drop in oil prices based on a $1.25 dollar rate, sees approx 7.5c (incl vat) reduction in pump prices.
Finally, iIf Oil was $1, the pump price would still be about 95c a litre (Diesel 86c/litre) as the cost of refining, distribution, retail costs and taxes (excluding vat) remain relatively static.