Ireland Sees Fourth-Highest EU Fuel Price Drop in May, Still Up 37% Annually

Ireland experienced the fourth-highest decrease in fuel prices across the European Union in May, according to new data released by Eurostat. Diesel prices in Ireland declined by 8.1 percent, with only Germany, Greece, and Estonia reporting larger drops. While most EU nations observed an increase in petrol prices, Ireland saw a 2 percent reduction. Germany recorded the most significant decrease in petrol prices, at 5.6 percent.

Despite these monthly declines, Irish fuel prices remain higher than those recorded at the same time last year. The Central Statistics Office (CSO) wholesale price index for May indicates that overall fuel prices, encompassing fuel oil and gas oil, have risen by 37 percent since May 2025.

Globally, fuel prices surged significantly in April following an energy shock attributed to US-Israel attacks on Iran and the subsequent closure of the Strait of Hormuz. This closure immediately drove up global prices as traders factored in the loss of oil supply from the region. The price decreases observed in May are likely linked to ongoing negotiations between the US and Iran regarding a peace deal that could lead to the reopening of the Strait of Hormuz.

Wholesale fuel prices decreased by 7.8 percent month-on-month compared to April, when prices had escalated by 32.6 percent to their highest recorded value since the CSO began compiling these figures in 2021. Deirdre Toher, a statistician in the prices division of the CSO, noted, «All energy fuels were down by 7.8 percent in the month, largely driven by decreases in fuel oil (-9.7 percent) and gas oil other than autodiesel (-6.6 percent).» The price of electricity was 33.1 percent higher than in May 2025 but was 62.7 percent lower than its peak in August 2022, approximately six months after Russia’s invasion of Ukraine. Toher added, «They have fallen by 62.7 percent when compared with the peak that occurred in August 2022.»