Motorists passing a petrol station are being advised to fuel up before the first of a number of excise hikes brought in by Government sees fuel prices increase again.
Petrol and diesel will officially go up for the first time since before the Russian invasion of Ukraine last February, with the first hike to be seen at the pumps after midnight on Wednesday, Cork Beo reports.
Announced back in the cost-of-living Spring package, Cabinet revealed that excise duty will return in three increments over several weeks.
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Duty on a litre of petrol will increase by 6c, diesel by 5c, and Marked Gas Oil (green diesel) will increase by 1c, from Thursday.
September will see the second rate rise and the final increase is due to take effect at the start of October.
Fuel prices shot up last Spring as the Russian invasion followed a supply chain squeeze in the aftermath of the global pandemic.
Prices changed exponentially, up by 16 per cent for a barrel of crude towards the end of 2021 and then jumping dramatically again after Russia began its invasion of Ukraine. The invasion marked a further 33 per cent rise in a barrel of crude oil.
The effect was felt here in Ireland, with petrol that cost €1.21 a litre in June 2020 up to an average of €1.77 by February 2022. By March, average petrol prices stood at €1.82.4 cent while diesel cost €1.90.5.
In May, Irish motorists saw petrol hitting an average of €1.91.9, and diesel costing €1.94.6 per litre before June saw prices of both fuel type breaking through the €2 barrier for the first time on record.
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