Drivers are being warned that petrol and diesel prices are set to see an rise in the coming days as the Government is due to increase excise duty.
The Government cut excise duty in March 2022 as fuel prices soared due to the war in Ukraine. But it February it was announced that excise duty cuts would be restored on a phased basis between June and September.
From next Thursday June 1, the first of three planned increases on petrol and diesel will come into effect and it is aimed at restoring rates to their pre-Ukraine war levels. 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.
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However, 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. The excise duty 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.
Meanwhile, the latest AA Ireland fuel prices survey for May shows the average petrol price across the state is €1.57, the lowest since September 2021.
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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