The statement reported that the decline was above all due to the drop in diesel consumption that fell an annualised 6.5% to 78,822 tons in January.

In turn, regular gas consumption stood at 355,168 tons, a year-on-year slide of 1.4%.

January saw the price of diesel fall €0.05.4 cents on December of last year, hitting the historical low of €0.976 per litre in the week beginning January 25 before fuel duty levies picked it back up again.