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

Joe Barrett says an improvement in the Euro exchange rate will be essential to help drive prices down

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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".

You can listen back to the full interview below: