This week, quotes for bulk quantities of green diesel are hovering around the 96.86c/l, including 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 94c/l to 99c/l, including VAT.

Over the last month, fuel prices have remained largely steady, with any increases averaging 4-5c/l, with the bulk of this having been added to the price more recently.

Last Thursday and Friday, green diesel prices rose by on average 2.5c/l, including VAT.

Indications as we went to print are that it is likely fuel prices will creep up marginally in the short term, and that the market is currently very volatile. Two suppliers were foreseeing a 2-3c/l (including VAT) price increase on the cards in the coming days.

Despite these recent increases, green diesel prices are close to where they were at the beginning of April, when our fuel price survey noted at the time that prices were averaging 97.8c/l, including VAT.

This was also during a period of uncertainty in the market, which was largely down to Trump and the talk of the implementation of further potential tariffs.

Brent crude was trading between US$74 and US$75/barrel at the time we went to press, up from a low of US$66.5/barrel last week. From early April up to the beginning of June, Brent crude had largely followed a declining trajectory, having dipped to lows of US$60.2/barrel in May.

The trouble in the Middle East between Israel and Iran at the latter end of last week caused a lot uncertainty in the market, with Brent crude prices jumping by 7% last Friday.

Monday also saw volatile trading, during which oil prices swung within an $8 range, before closing lower.

As we went to press on Wednesday, Brent crude oil rose slightly again as Israel vowed more strikes on Iran, keeping the market on edge about a potential escalation that could disrupt energy flows and vital trade routes. The oil market remains volatile, with traders facing the prospect of new tariffs from US President Trump in the coming weeks and the increase of production quotas by OPEC+, which could impact the oil market.