A CRISIS in the EuroZone could see fuel prices drop below 90p per litre within days.
And it could mean cheaper holidays for anyone hoping to go abroad or to the Republic this summer.
Economists say the £1 could be worth €1.40 within months.
Diesel was already less than 92p a litre today at the popular Maxol forecourt in Muff with petrol at less than 98p per litre.
But early this morning on overnight foreign exchange markets the Euro collapsed further driving the exchange rate in sterling’s favour.
It follows a decision by the European Central Bank to essential devalue the euro by printing money – pumping 60 billion euro a month into the economies of the EuroZone between March and October 2016.
It’s a bid by Europe to prevent another recession.
The Euro to Pound Sterling (EUR/GBP) exchange rate plunged over 1.4 per cent yesterday alone.
A quick foreign exchange market summary last night was as follows:
The Pound to Euro exchange rate: GBP/EUR converts at 1.322.
The Euro to Pound exchange rate: EUR/GBP conversion is 0.757.
In Muff the Sterling allowance increased to 30% with Diesel 91.9p / €119.5and Unleaded 97.6p / €126.9 on cash sales.
The increasing value of sterling gives good and bad news however for cross-Border workers and for the local economy.
It will mean less shoppers from the South coming into Derry as the Euro weakens.
It’s brilliant news for people from Donegal working in Derry and getting paid in Sterling as they see their real wages rise.
But for anyone from Derry working in Donegal and getting paid in Euros, it’s like a massive pay cut.
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