Drivers will pay more for their fuel from next week as the Government plans to increase the excise duty and diesel and petrol to their former levels.
The first of three planned increases will take place next Thursday which is aimed at restoring rates to their pre-Ukraine war levels.
The increase comes despite the price of crude oil crashing on world markets in recent weeks and will add to the rapidly-rising cost of living.
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The increase will mark the beginning of the end of the Government’s immediate response to the energy crisis – and comes as consumers continue to face cost-of-living pressures elsewhere.
Having plummeted in the early stages of the Covid-19 pandemic, the price of oil steadily began to ratchet up again from late 2020 onwards.
A quicker-than-expected recovery in economic activity and consumer demand saw the price of a barrel of Brent Crude return to its pre-pandemic level by March 2021.
Last February, Finance Minister Michael McGrath confirmed that the excise duty on petrol, diesel and marked gas oil would be restored through three increases; with the first one happening on June 1.
On Thursday, the duty on a litre of petrol will rise by 6c, diesel’s duty will rise by 5c, and gas oil will increase by one cent.
A further increase will take place at the start of September, with the final one happening at the end of October.
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