The price of petrol will fall by about six cents on Tuesday, the Directorate General for Energy within the Ministry of Economic Affairs announced on Monday.
A litre of 95 petrol (E10) will be sold at €1.81 at the pump, while petrol 98 (E5) will be offered at €2.01 per litre, a drop of 7 cents.
The drop follows news that the global demand for oil is likely to go down due to a resurgence of COVID in China and the attendant drop in industrial production as Beijing doubles down on its strict Covid-19 policy.
News that members of the Organisation of Petroleum Exporting Countries are planning to up their production may also have contributed to the price drop.
