Editorial: Dare we hope that fuel costs keep dropping?

Filling up your car has become something of an ordeal ever since the US/Israeli attack on Iran.

The News Letter has followed closely the ups and downs of the province’s forecourt prices (although it has been mainly ‘ups’) ever since February.

But could some relief be at hand?

This week, the Consumer Council has reported a slight but notable drop in the cost of both petrol and diesel in the Province (see page 13).

The price of the latter had been approaching £2 a litre, and looked as if it was going to smash through that number until the rise started to slacken at the start of this month – and now it is down (albeit not by a lot).

The last time the price was anything like this high was in July 2022, when the Ukraine conflict helped drive diesel up to a peak of 197.5ppl.

Donald Trump’s deal this week with Vladimir Putin to buy Russian diesel was aimed at getting the price to ease down – though Ukrainians consider this a betrayal and have been bombing Russian oil installations.

Since the news of the deal emerged emerged, global oil prices have gone from about $103 per barrel to over $109, which rather gives the impression that the pause in the ballooning pump costs is temporary.

The province’s hauliers, taxi drivers, and crucially its farmers, will be hoping otherwise. A recent UFU survey of members found that nearly nine in 10 report increased stress or worry, and seven in 10 have lost confidence that the farm can be handed on as a going concern.

Fuel and the associated costs of fertiliser are not the sole pressures on them; changes to farm inheritance tax also caused many to think twice about the viability of the industry. But many will be placing their hopes in a further fuel drop as they mull their future in the sector.