This week, quotes for bulk quantities of green diesel are hovering around the 91.5c/l plus VAT mark. As we went to press this week, prices being quoted for orders in the region of 1,000l-plus of green diesel, or marked gas oil (MGO) as it’s more commonly referred to, were ranging throughout the country from 90c/l to 93c/l, including VAT.
After a 2c/l increase last weekend, and a further 1.5c/l increase on Monday, the Irish Farmers Journal fuel survey has noted an average price of 91.5c/l plus VAT.
On a more positive note, the price of green diesel is still down by 6.3c/l on our survey six weeks ago, when the average price across the country was 97.8c/l including VAT. A time when prices were ranging from 91.9c/l to €1.02/l, including VAT, following President Trump’s announcement of widespread tariffs which sent world markets into turmoil.
Since our last survey, green diesel has also been subject to the recent carbon tax increase of €7.50/t from €56/t to €63.50/t on the 1 May, which added a further 2.3c/l plus VAT to the price of fuel.
As part of the 2020 Programme for Government, it’s committed to increase the basis of carbon tax rates from €26 to €100/t of carbon dioxide by 2030.
The Finance Act 2020 legislated for annual increases to the carbon tax of €7.50 up until 2029 and €6.50 in 2030, when the rate will reach €100 per tonne of carbon dioxide.
Speaking to fuel suppliers, they noted that the marginal price increase at the beginning of the week was on the back of the peace talks between Ukraine and Russia, which despite what you would imagine would bring stability to the market, has in fact marginally increased the price of fuel.
Brent crude
Brent crude was trading between US$64 and US$65/barrel at the time we went to press, up from US$61 to US$62/barrel last week. Since early April, Brent crude has followed a declining trajectory, having dipped to lows of US$60.2/barrel earlier this month.
That said, prices are back considerably since the start of April when Brent crude was trading between US$74/barrel and US$75/barrel. However, the market has signalled increases this week following a temporary 90 day pause in US-China tariffs, causing the market to rally.
Meanwhile, uncertainty around the future of trade negotiations and concerns about rising OPEC+ supply remain.
This week, quotes for bulk quantities of green diesel are hovering around the 91.5c/l plus VAT mark. As we went to press this week, prices being quoted for orders in the region of 1,000l-plus of green diesel, or marked gas oil (MGO) as it’s more commonly referred to, were ranging throughout the country from 90c/l to 93c/l, including VAT.
After a 2c/l increase last weekend, and a further 1.5c/l increase on Monday, the Irish Farmers Journal fuel survey has noted an average price of 91.5c/l plus VAT.
On a more positive note, the price of green diesel is still down by 6.3c/l on our survey six weeks ago, when the average price across the country was 97.8c/l including VAT. A time when prices were ranging from 91.9c/l to €1.02/l, including VAT, following President Trump’s announcement of widespread tariffs which sent world markets into turmoil.
Since our last survey, green diesel has also been subject to the recent carbon tax increase of €7.50/t from €56/t to €63.50/t on the 1 May, which added a further 2.3c/l plus VAT to the price of fuel.
As part of the 2020 Programme for Government, it’s committed to increase the basis of carbon tax rates from €26 to €100/t of carbon dioxide by 2030.
The Finance Act 2020 legislated for annual increases to the carbon tax of €7.50 up until 2029 and €6.50 in 2030, when the rate will reach €100 per tonne of carbon dioxide.
Speaking to fuel suppliers, they noted that the marginal price increase at the beginning of the week was on the back of the peace talks between Ukraine and Russia, which despite what you would imagine would bring stability to the market, has in fact marginally increased the price of fuel.
Brent crude
Brent crude was trading between US$64 and US$65/barrel at the time we went to press, up from US$61 to US$62/barrel last week. Since early April, Brent crude has followed a declining trajectory, having dipped to lows of US$60.2/barrel earlier this month.
That said, prices are back considerably since the start of April when Brent crude was trading between US$74/barrel and US$75/barrel. However, the market has signalled increases this week following a temporary 90 day pause in US-China tariffs, causing the market to rally.
Meanwhile, uncertainty around the future of trade negotiations and concerns about rising OPEC+ supply remain.
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