Motorists have been spared an increase in the price of petrol and diesel for the next three months.
A phased restoration of the rates of excise on petrol, diesel and marked gas oil will take place in three stages as part of a €1.2bn cost of living package was announced by the Government today. Coalition party leaders unveiled the measures this afternoon, with Taoiseach Leo Varadkar saying they will be the "last intervention in cost of living this side of the budget".
This will see rates restored on 1 June by 6 cent per litre of petrol, 5 cent per litre of diesel and 1 cent per litre of marked gas oil. On 1 September these rates will increase by a further 7 cent for petrol, 5 cent diesel, 1 cent for marked gas.
Rates will then be fully restored on 31 October with a final increase of 8 cent for petrol, 6 cent for diesel, and 3 cent for market gas oil. The extension, and phased reintroduction, of these excise reductions is estimated to cost €383 million.
There will be a €100 child benefit bonus issued in June and a €100 top-up on the back to school allowance in August. Pensioners, carers, the disabled and all those on long-term social welfare will also benefit from a €200 bonus in April.
There will not be an additional energy credit issued in May but it will be reconsidered in the next budget.
Party leaders confirmed that the 9% reduced VAT rate for the hospitality industry will be retained for another six months. The 9% VAT rate on gas and electricity is being retained. It was due to increase at the end of the month.
Other measures confirmed by Government today include the waiving of the 2023 State Examination fees and the extension of free hot school meal programme.
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