The price of some brands of petrol is to be reduced from today in response to falling oil prices, it was announced last night.
The move is expected to see the main oil importers drop their prices by about 1.3p per litre. Part of the cost of the reductions is to be borne by petrol retailers.
Statoil has reduced the price of "wholesale unleaded 95" by 1.08p per litre. This gives a drop in price at the pump at 1.30p. Statoil has also dropped the wholesale price of leaded petrol by 1.16p per litre, giving a reduction in the price at the pump of 1.40p.
Statoil's diesel product fell by 0.58p per litre wholesale which should lead to a drop in prices at the pump of 0.70p.
Esso Ireland also announced a cut in its prices. "Mogas" grades, which include Esso Extra, and unleaded brands are to be reduced by 1.3 pence per litre while diesel is to be reduced by 0.70p. The price cuts are effective from this morning.
A Maxol spokesman said that while no announcement had been made, prices would be changed in line with a monthly review.
A Shell Ireland spokeswoman said the company would be making an announcement in the near future.