- RTé reports on rising fuel prices, and mentions an AA Ireland report that states in the space of a month, average fuel prices have risen by 10-13.5%. Adam Maguire says that “while taxes and duties play a significant role in the price of fuel in Ireland, there are many other factors at play in what we pay at the pump. Unfortunately, none of them look to be moving in the right direction at the moment”. The article outlines a number of considerable factors to this in detail, including oil and market price, excise duty, carbon tax, NORA levy, Better Energy charge, and VAT. https://www.rte.ie/news/business/2024/0515/1449201-fuel-prices-petrol-diesel/
- The Irish Independent features an interview with Maxol chief Brian Donaldson, outlining his role in business operations and his travels to the German city of Stuttgart to share some updates on Maxol’s transformation plan with other members of the industry. Also noted, Donaldson believes hydrogen will play a role in heavy transport in the future. Hydrotreated vegetable oil (HVO), a biofuel suitable for diesel vehicles made from plant waste, is available at eight locations, electric is a big part of the future but he’s seen the “stalling of adoption” of electric vehicles. https://www.independent.ie/business/irish/maxol-chief-brian-donaldson-says-there-is-no-silver-bullet-when-it-comes-to-achieving-net-zero-targets/a144322111.html
- According to an opinion piece by John Hayes, lecturer in Electrical and Electronic Engineering at UCC, published by RTé, battery electric car sales have stalled in Ireland and elsewhere in 2024, but overall car sales have accelerated with increases in the sales of hybrid electric vehicles, plug-in hybrid electric vehicles and conventional petrol and diesel vehicles. Data from the Society of the Irish Motor Industry showed total car registrations up 5.95% from January to April 2024 compared to the same period in 2023, but battery electric car sales are down by 22.72%. https://www.rte.ie/brainstorm/2024/0516/1449445-hybrid-car-sales-electric-vehicles-analysis-ireland/
- Reported by GB News, drivers have been warned they are losing out at pumps as retailer fuel prices remain “far higher” than they should be, according to new research. The warning comes from the RAC, with the organisation writing to Energy Secretary Claire Coutinho, highlighting the “unreasonably” high prices drivers are facing. On average, drivers now spend nearly 12p a litre more than at the start of the year with the price of petrol standing at 150p per litre. https://www.gbnews.com/lifestyle/cars/petrol-diesel-drivers-unfair-fuel-prices
- According to ReNews, Siemens Energy and Danish grid operator have signed a framework agreement to renew Denmark’s energy infrastructure. The €1.4bn contract is for delivery of transformers and switchgear for high-voltage substations to expand the electricity grid in the country to accommodate more renewable electricity. https://renews.biz/93232/siemens-energy-inks-14bn-danish-grid-upgrade-deal/
- Bloomberg states that Nigeria’s new mega refinery near Lagos is seeking to buy millions of barrels of US crude over the next year as it ramps up processing rates. “The tender for overseas oil — from a refinery that’s situated in Africa’s largest producer nation, highlights how influential the plant will be in global crude and fuel trading. It will be the largest fuelmaking facility in Africa when fully up and running”. https://www.bloomberg.com/news/articles/2024-05-16/nigeria-s-new-mega-refinery-seeks-millions-of-barrels-of-us-oil
