Oireachtas Joint and Select Committees

Wednesday, 20 January 2016

Joint Oireachtas Committee on Transport and Communications

Bus Services: Bus Éireann and the National Transport Authority

10:35 am

Mr. Martin Nolan:

In our business we need certainty and we buy forward. We buy both the dollar and fuel forward. At present we have bought it at about €1.20. We bought at that price when the price at the pumps was €1.50 so it was a very good deal but the cost of fuel has now gone down to €1.10 or even a little lower. We have bought all our fuel for the next 18 months. We are looking 18 months out in the market. In general, the market does not give those type of prices 12 to 18 months in advance. There will be some reduction in the cost of fuel, but the price is very low price compared to the price at the pumps. There will be some reduction in the price of fuel as time goes on.