Crude oil prices are continuing to drop, and at an unprecedented rate since February, after a start to the year where they were actually on the rise.
It is important to note that a price drop in crude oil doesn’t result in an immediate fuel price drop at a service station. There is a delay and lag before customers will see a drop at the pump as it depends on what stock levels are being held at the time.
Since the recent drop in crude oil prices, Maxol has been reducing its pump prices and was actually one of the first to do so. We continue to monitor the situation on a daily basis and can confirm that we are continuing to reduce our prices further.
It is also important to note that crude oil prices make up only a fraction of the final price of fuel, and, therefore it’s impossible to mirror exactly the price drop of crude oil in the finished product. The price you pay for fuel at a service station is made up of a number of costs, including refinery costs, distribution, currency fluctuations, retailer costs, and retailer margins. Approximately 60% of the price goes to the government in taxes including excise duty, carbon tax, the National Oil Reserves Levy and VAT.
Most of our service stations are located in towns and communities around Ireland and we monitor our prices on a daily basis to ensure we are offering value to our customers not only in fuel, but in food and grocery too.