New figures released today show the North's retail petrol sector in crisis with sales down more than 50% since 1994. The North's Petrol Retailers’ Association blames high taxes and the high value sterling for their difficulties. They have called on the North's security minister to crack down on petrol smuggling.
Nowhere in the European Union is there a situation of two neighbouring member states, separated by a land border, where the difference in fuel prices is so great. In Belfast this afternoon, unleaded petrol was bought at 76.9p sterling a litre. In Sligo the price is 68.9 Irish pence. This shows a difference of more than 27 Irish pence per litre - more than £15 for the fill of the average family car.
New figures show that since 1994, the volume of petrol being shipped into the North has fallen more than 50%. At that same time, the number of vehicles on the roads has increased by almost 25%. So the crisis in the North's fuel trade is severe.
While business south of the border is booming, 120 sites in the North have closed. There are two reason for the huge price difference - higher taxes, levied by the UK government, and the high value of sterling against the punt.
