Statoil, which controls 20 percent of the local market, has recommended a wholesale price increase of 1.23 cents per liter in unleaded gasoline. That will bring the company’s recommended retail pump price to 94.3 cents per liter.
According to a Statoil spokeswoman, “the recommendation can only be indicative” because Statoil owns and operates only 70 of the 300 stations it supplies. Independent owners must decide whether to pass on the price hike on the basis of local competition.
However, Esso and Shell, which vie for the position of Ireland’s second-largest petrol supplier, are also likely to raise prices.
“All petrol companies carry out a review which looks at world prices and the euro currency against the dollar. They then average these out. There is no knee-jerk reaction because of tight competition,” according to Statoil.