Industry Updates: Fuel Prices, Housing, and Port Activity

Irish Petrol Price Inflation the Highest in the EU

Figures from the European Statistics Agency, Eurostat show that Irish petrol and diesel price hikes are some of the highest in Europe at a time when Europe is seeing a record fall in price. 

Last week, the Irish Government announced major hikes in carbon taxes which will add 2.1c to a litre of petrol and 2.5c for diesel which took effect from midnight 9 October. 

Since 2020, €12 in taxes have been added to a tank of fuel in the Republic. Kevin McPartlan of Fuels for Ireland said:

As we approach a general election, Fuels for Ireland calls on all parties to make a manifesto commitment to establish an expert group to review tax on transport and heating fuels.

In recent weeks, growing volatility in the Middle East has caused a sharp rise in oil prices. Brent crude has risen by 10 in the last week now hovering around 80 per barrel. 

In August of this year, the government restored the full rate of excise duty of 4c on petrol and 3c to diesel which includes VAT on petrol and diesel which accounts for most of the price inflation. The Irish government has committed itself to increasing carbon taxes to reach 100 per tonne by 2030. Moving companies are set to face increased costs for petrol and diesel when transporting goods. 

House Prices Rise Across Europe

Data from Eurostat has indicated a steep rise in house prices across Europe including Eastern European ex-Soviet blocs indicating growing wealth levels in previously impoverished regions. 

Q2 of 2023, the five countries with the biggest increases were:

Meanwhile, declines were reported in several other countries indicating declining economic health:

Indeed, rents are also on the rise with the statistics agency reporting a 3% year-on-year increase. 

Rotterdam Top as Ports Bounce Back

European container ports saw a rebound in the first half of 2024, with Rotterdam remaining the continent's biggest maritime entry point. 

Supply Chain 247 reported that according to PortEconomics, seven of the top fifteen ports saw double digit growth in the first six months of the year. Portugal's Port of Sines, Valencia and Barcelona in Spain, the merged HAROPA complex in France, and Bremerhaven, all saw strong volume increases. 

Rotterdam remained in first place with a small 2.2% increase in traffic, with Antwerp-Bruges following close behind with a 4.1% increase as it closed the gap between the two ports. In third place, Hamburg remained relatively flat. Volume at the Port of Piraeus in Greece fell 12.9% as the impact of the Red Sea crisis took its toll on traffic passing through the Suez Canal. 

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