Just to think 14 weeks ago we were looking at €1.50 diesel & €1150 for fill of kero! On top of increased mortgages. - What a difference a few weeks makes!
Every 5c drop in the price of petrol results in an annual saving of about €100 million for Irish consumers. Thus a drop from €1.35 to €1.00 saves about €700 million. On top of that the government are collecting about €150 million extra with the 8c per liter increase in excise (but are losing out on some VAT). The drop in the price of diesel provides additional savings for the economy.
The drop in interest rates from 4.25% to 2.5% will results in annual savings of about €700 million.