Local farmers are being advised to take immediate steps to manage rising fuel and input costs, as global oil prices surge following recent geopolitical developments in the Middle East.
Oil prices have risen sharply in recent weeks, with Brendt crude surpassing $100 per barrel after disruption to global supply routes.
This has already had a significant impact in Ireland, with sharp increases in the cost of green diesel, road diesel and home heating oil, alongside growing pressure on fertiliser prices.
Seán McGovern from ifac Cavan is warning that farmers should act now to protect cashflow and manage costs in the months ahead.
Mr McGovern who is a Partner in the Cavan office says farmers are once again dealing with a sudden and significant cost shock, driven by factors entirely outside their control.
Speaking to Northern Sound, he said: "The key message for farmers is to stay calm and act early. Irish farmers have managed through energy shocks before, and the same practical, measured approach will be needed again."
Speaking to Northern Sound, he outlined a number of practical steps local farmers can take to reduce the impact of rising costs: "Review fuel usage and reduce consumption across machinery, transport and heating. Plan ahead without panic-buying, particularly where storage capacity allows. Monitor supplier pricing closely and challenge any disproportionate increases. Review wider input costs, particularly fertiliser, which is closely linked to energy prices. Ensure machinery is operating efficiently, as poor maintenance can significantly increase fuel consumption."
