Applegreen co-founder predicts further drop in prices at petrol pumps

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One of Ireland's largest petrol retailers is predicting a further drop in prices at the pump.

Oil prices have fallen to a 12 year low - with prices now at 2003 rates.

The drop in cost is said to be down to a surge in supply.

However, Joe Barrett - one of the founders of the Applegreen chain - says a boost in the strength of the Euro would put extra cents in our pockets.

Speaking to Bobby Kerr on today's Down to Business, Mr Barrett observed, "while the price of a barrel has dropped from around $100 down to 30, our exchange rate has worsened. The exchange fall is taking away some of the benefits of the changes".

Despite these factors, customers a still feeling the difference. Joe explained that "we peaked at prices in September 2012 - the average was around 168 for Unleaded and 158 for Diesel. It's now down to 123 and 110, so it's a drop of over 40 cent on each of the products. When you're talking per litre, that's a huge saving".

He further suggests that "for the price to come down I think the aim for us is to get the Euro to improve - and I think that will over time. The price at pump will come down, but it's hard to see the price of the barrel going much lower".

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