Wholesale Electricity Prices in Ireland
- As of March 30th, Irish wholesale electricity prices are trading at a monthly average of €127.97 per MWh.
- Month-to-date electricity auction prices are 18.5% higher than February 2026 (last month), and 2.8% lower than March 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 March 30th, UK day-ahead natural gas prices stand at 139.7 pence per therm. The EU benchmark (TTF) price is trading at 140.83 pence per therm which is equivalent to €55.34 per MWh.
- Current wholesale gas prices are 72.0% higher than February 2026 (last month), and 31.8% higher compared to March 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 March 30th, Brent crude oil stands at $109.16 per barrel, representing a 39.7% increase compared to February 2026, and a 35.6% 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.
- While Ireland and Europe hold strategic oil reserves, drawdowns will occur at prevailing market prices. The key question is how long fighting in the Middle East will last and how quickly oil shipments might resume.
- As of March 30th, coal prices trades 17.3% higher this month, closing at $119.55 per metric tonne. This represents a 25.0% increase year-on-year.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.83 per litre. Petrol prices increased 5.8% compared to last month, and are 1.4% higher year-on-year.
- Average diesel prices in Ireland are currently €1.98 per litre. Diesel prices are 15.1% higher than last month, and 11.5% higher year-on-year.
- The government reduced excise duty on diesel by 20 cents, with a 15 cent drop for petrol. This temporary reduction ends in May 2026, and should keep petrol below €2 per litre. Diesel, which hit €2.28 per litre in March, is now hovering at the €2 mark.
- Increases in global oil prices have driven petrol and diesel pump prices higher. Oil refineries are facing higher crude oil prices, which is being passed on to consumers as petrol stations replenish inventories.
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.
- Brent crude hit $109.16 a barrel, its highest since 2022, following the halting of shipments through the Strait of Hormuz. While Irish and EU strategic reserves may soften the immediate impact, higher prices will still be passed on to consumers.
- 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.
