Oireachtas Joint and Select Committees

Wednesday, 23 March 2022

Joint Oireachtas Committee on Transport, Tourism and Sport

Fuel Prices: Discussion

Mr. Kevin McPartlan:

Crude oil is an internationally traded commodity that comes from all over the world and needs to go to a refinery. It is bought for the day price. We are all used to seeing the barrel price being reported. It is then sent to a refinery. We have to add the biofuel element, which is required. That might explain Deputy Fitzmaurice's question. There is no biofuel element in agricultural diesel. There are currency fluctuations, because oil barrels are priced in dollars, whereas we sell in euro. It has to be refined and shipped to wherever it needs to go. If we are buying from North America, Scandinavia or the Middle East, it has to be shipped to Ireland, stored in terminals here and sold on.

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