Petrol and diesel prices have fallen for the fourth consecutive month in July, according to the latest monthly fuel prices survey from AA Ireland.

Petrol is 2.4 cent cheaper at 131.9 cent per litre, while diesel is 3 cent per litre lower at 119.2 cent.

The cost of a litre of petrol is now at its lowest since December of last year, and diesel is at its cheapest since October 2016.

Commenting on the fall, AA Director of Consumer Affairs Conor Faughnan said: "Thankfully, as things currently stand many of the factors which inform fuel prices, such as European wholesale prices, are pointing in the right direction for motorists, although it’s impossible to know how long this trend will last for."

Prices are down from a high of 170.1 cent per litre for petrol and 160.1 for diesel in September 2013.

The survey also found tax accounts for 64.77% of the current price of a litre of petrol, and 60.53% of the price of a litre of diesel.

Despite the national drop in fuel prices, the AA report noted a minor increase in the cost of a barrel of oil, a key trend in setting future fuel prices.

Currently a barrel of oil costs $48.69, which is up over $3 when compared to the cost of oil in late June.