Statoil Ireland is to drop its petrol prices by up to half a penny per litre, the company has announced. This follows a reduction in wholesale prices from Tuesday night. The reductions will mean that the prices of leaded petrol and 95-octane unleaded petrol will drop by 0.5 pence per litre. The price of 98octane unleaded petrol should also drop but by 0.4 pence per litre.

However, not all prices will be dropping. As a result of significant movements in prices on the wholesale market, the price of diesel is expected to rise by 1.4 pence per litre. Also, because of increasing demand in the heating oil market and falling supply levels , the wholesale prices for oil, gas, kerosene and light, medium and heavy fuel oils is expected to rise between 0.5 and 1.03 pence per litre.