Irish Wholesale Fuel Prices Soar 32.6% in April Amid Strait of Hormuz Closure

Irish wholesale fuel prices surged by 32.6 per cent in April alone, and 42.3 per cent compared to April 2025, according to the Central Statistics Office (CSO). This increase is attributed to the global energy shock following US-Israeli attacks on Iran and the closure of the Strait of Hormuz since late March.

Fuel oil prices saw an over 50 per cent rise in April, reaching their highest recorded value since the CSO began compiling data in 2021. Other forms of gas oil, excluding auto diesel, increased by 16.9 per cent. Experts warn that the continued closure of the Strait of Hormuz, a critical waterway for crude oil transport, could lead to a severe supply crisis.

Wholesale electricity prices, however, rose by a more modest 1.9 per cent in April. While they increased by 18 per cent in the 12 months to April, they have fallen by 66 per cent from their August 2022 peak, which occurred after Russia invaded Ukraine.