This week, quotes for bulk quantities of green diesel are hovering around the €1.03/l including VAT mark. As we went to press this week, prices being quoted for orders in the region of 1,000l+ of green diesel, or marked gas oil (MGO), were ranging throughout the country from €1/l up to €1.05/l including VAT.

In the space of seven days, green diesel prices have risen by over 6c/l, from last Tuesday’s nationwide average price of 96.86c/l, including VAT. This spike in prices is all related to the unrest in the Middle East between Isreal and Iran. Traders noted that luckily no missiles targeted Iranian oil production sites, and that if they did, the oil pricing situation could be a lot worse.

In the last week, green diesel prices jumped by up to 10c/l including VAT, but did marginally fall over the weekend and into Monday/Tuesday. Brent crude was trading between US$68 and US$69/barrel at the time we went to press, down from US$74 to US$75/barrel from last week. The drop in price was off the back of US President Trump’s announcement of a ceasefire between Israel and Iran. This news eased concerns over potential oil supply disruptions and the closure of the Strait of Hormuz, through which more than a fifth of the world’s oil supply passes daily. Traders noted that if the ceasefire between Isreal and Iran continues and tensions deescalate, then green diesel prices should continue to drop further, but that the situation is very volatile and anything could happen.