Wholesale Electricity Prices in Ireland
- As of April 13th, Irish wholesale electricity prices are trading at a monthly average of €114.65 per MWh.
- Month-to-date electricity auction prices are 10.9% lower than March 2026 (last month), and 3.3% higher than April 2025 (last year).
- Electricity prices have risen since the start of March, following the escalation of tensions in the Middle East. However, price pressure is more concentrated on oil, petrol and diesel given the supply disruption at the Strait of Hormuz.
- Geopolitical events cause short-term volatility in wholesale markets, with prices quickly stabilising once uncertainty eases. During Russia’s invasion of Ukraine in 2022, electricity prices fell by 65% from peak levels within two months.
Wholesale Natural Gas Prices
- As of April 13th, UK day-ahead natural gas prices stand at 119.7 pence per therm. The EU benchmark (TTF) price is trading at 121.84 pence per therm which is equivalent to €47.75 per MWh.
- Current wholesale gas prices are 8.8% lower than March 2026 (last month), and 40.8% higher compared to April 2025 (last year).
- The sharp increase in gas prices is driven by Qatar halting LNG output at its Ras Laffan complex following Iranian drone strikes. This complex is responsible for one-fifth of global LNG supply.
- LNG accounts for just 15% of global gas consumption, meaning that only 3% of global gas demand is impacted. While near-term prices have increased, the risk of gas shortages is very small, leaving room for prices to retrace in the coming months.
Global Oil Commodity Prices
- As of April 13th, Brent crude oil stands at $102.46 per barrel, representing a 4.2% increase compared to March 2026, and a 54.3% increase year-on-year.
- Oil prices are at the highest level since 2022 following the shutdown of oil shipments at the Strait of Hormuz, which accounts for 20% of global supply. As a result, there is a real risk of oil, petrol and diesel shortages.
- Crude oil is trading at $102.46 per barrel, with prices easing since the 2-week US-Iran ceasefire was announced. Iran agreed to reopen the Strait of Hormuz and pressure is expected to soften, as supply normalises.
- As of April 13th, coal prices trades 9.8% lower this month, closing at $104.85 per metric tonne. This represents a 8.8% increase year-on-year.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.92 per litre. Petrol prices increased 4.9% compared to last month, and are 6.7% higher year-on-year.
- Average diesel prices in Ireland are currently €2.17 per litre. Diesel prices are 9.6% higher than last month, and 22.6% higher year-on-year.
- From April 14th, the government extended temporary excise duty cuts to end-July 2026. Petrol and diesel will drop a further 10 cents, on top of March’s cuts of 20 cents for petrol and 15 cents for diesel, to ease short-term fuel costs.
- In addition to extending excise duty cuts, the Irish government has delayed the planned carbon tax increase until October 2026, helping to limit further pressure on fuel costs for households and businesses across Ireland.
Summary
- Wholesale electricity prices have increased following the escalating tensions in the Middle East. However, the impact on electricity prices is muted, with much greater price pressure on heating oil, petrol and diesel for immediate delivery.
- Natural gas prices surged after Qatar halted LNG output at Ras Laffan following Iranian drone strikes. Only 3% of the global gas supply is impacted. Near-term price pressure may ease.
- The two-week ceasefire, announced on the 8th April, has eased pressure across energy markets, with crude oil and natural gas prices declining by 15%. While market conditions remain fragile, the development signals a potential near-term stabilisation.
- We advise businesses to avoid rushed decisions during market volatility. Consider all options, including wholesale electricity tracker plans, short-term fixed contracts, and longer contracts where you can average in at a lower price.
