Motorists looking to save money are being advised to hold off on filling up their car, as petrol and diesel prices are set to drop substantially within hours.
Ministers are expected to sign off on a plan to cut excise duty on fuel on Wednesday morning, which would mean that fuel will be cheaper at the pumps from midnight.
It is believed that the Government will make an announcement today that petrol and diesel prices will be cut by 20c a litre from midnight on Wednesday.
The Cabinet is to meet remotely to sign off on the plan, which is intended to ease the burden on motorists after prices soared in recent days.
A number of forecourts across Ireland were selling petrol at more than €2 a litre on Tuesday.
The final amount of how much the cost of fuel will be cut by is still being debated, but a senior Government source told the Irish Mirror that 20 cent is the number that “will be on the table”.
“The reason we can move on excise is because it is a fixed amount, 43c on diesel and 54c on petrol - and it is the only one we can move on without consulting the EU,” they said.
The politician added that since there is no excise charged on home heating oil, there will be no relief in the cost of heating a home.
The cost of living has been soaring in recent months, with the price of most things on the rise.
Many households are struggling to pay their bills as the cost of energy, food and fuel has all increased considerably.
Every household in Ireland is due to get €200 off their electricity bill in the coming weeks as part of the Government’s cost of living package.
However, it is unlikely to make a massive difference, as energy costs have been rising even further due to the Russian invasion of Ukraine.
