Families will pay €300 extra for fuel to warm their homes in winter

  • Families will pay €300 extra for fuel to warm their homes in winter
    Independent.t. E.
    Homeowners are forced to pay an extra €300 this winter for fuel, to ensure their heating system.
    https://www.independent.ie/business/personal-finance/families-will-pay-300-extra-for-fuel-to-warm-their-homes-in-winter-37202465.html
    https://www.independent.ie/incoming/article36535608.ece/39156/AUTOCROP/h342/page18_money.jpg

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Homeowners are forced to pay an extra €300 this winter for fuel, to ensure their heating system.

The rising cost of home heating oil and the price of gasoline and diesel fuel led to a rise in inflation to its highest level in more than a year.

The cost of refilling oil tank was increased by almost a third last year, according to the latest data, the consumer price index from the Central statistics office (CSO).

Despite the slight drop in the price of fuel oil in July, last year the price increased by 29.3 PC.

This means that it will now cost around €160 for gas station 1000 liters of oil in the winter than it was last year.

Families will have to pay up to €750, compared with around €550 last year.

The cost of 1,000 litres is €690 and 750 at the moment, according to price comparison website cheapestoil website.t. E.

Rises in the cost of a barrel of oil on international markets, sending up the cost of household fuel.

Most homes will need at least two oil fills during the winter months, which means they will have to pay up to €300 more.

Almost two-thirds of rural homes and more than a quarter of urban households use oil as fuel for Central heating and hot water boilers, according to the census.

Taxes

Michael Toner on cheapestoil.t. E. said that the oil was four times higher than in Northern Ireland because of the higher taxes and fees, including a tax on carbon dioxide emissions.

“August is surprisingly one of the most profitable months in which consumers are actively encouraged to order early, and we would recommend heating the oil consumers in order now that distributors are less busy and best service”, – he said.

The rising cost of home heating oil goes after six energy companies increased this month, their prices, higher prices for electricity and gas up to 200 €for some homeowners that use as fuel.

It was also revealed this week that the price of electricity and gas in this country are among the most expensive in Europe.

Gasoline prices rose 11pc in the past year, while prices for diesel fuel rose 14pc hole saw.

Air fares also rose with strikes Ryanair potentially related to this trend. Representatives of the tourism industry this week, claimed the prices of rival airlines took off.

The cost of tickets was huge 32pc in the month of July, although the cost down 9pc on a year ago.

The cost of restaurants and cafes was up 2pc on the year, which will be closely watched, as the government considers that the cancellation of the special 9pc VAT rate for the sector.

Rents have increased 6PC in the past year, with pressure to find affordable housing, contributing to the crisis of the lease.

The price of auto insurance fell by 6.7 PC a year, but it comes after several years of steep rises.

Overall, prices rose 0.8 PC in July compared with the same month last year, according to the CSO, the highest inflation rate since April last year.

Alan McQuaid, chief economist with Merrion Stockbrokers, said that despite the high rate of economic growth, was little sign of sustained pressure on prices.

“This seems to be the same story throughout the Euro area, suggesting that the European Central Bank will not rush to raise interest rates,” he said.

He said that the direction of oil prices will be crucial in determining the level of inflation over the next year.

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