Government leaders have today announced a spate of cost-of-living measures to help households with rising bills, including a decision not to increase the price of petrol and diesel for a period of time.
The move to not put up the price of petrol and diesel until later this year was announced on Tuesday by Taoiseach Leo Varadkar, Tanaiste Micheal Martin and Minister for Transport Eamon Ryan.
Prior to the announcement, it was anticipated that the government would retain some of the tax reductions on petrol and diesel taxes for motorists.
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However, rather than end the excise reductions in one fell swoop drastically rising the price of fuel, the government has opted to gradually remove the excise discounts.
Here is everything you need to know about the announcement.
When will the price go up?
In the announcement outside of the government buildings today it was confirmed that diesel and petrol will increase incrementally.
On June 1 petrol will increase by six cent per litre and diesel will increase by five cent per litre.
In September there will be another increase when petrol prices will go up seven cent per litre and diesel five cent per litre.
Lastly, on October 31, petrol will be increased by eight cent and diesel by six cents, fully restoring the rates to their pre-tax reduction price.
Tanaiste Micheal Martin added that the government will monitor the situation in Ukraine when it comes to increasing prices in the coming months.
The industry body that represents companies involved in the importation, distribution and marketing of liquid fuels in Ireland, Fuels For Ireland (FFI), has welcomed the Government’s announcement that excise duty on petrol and diesel will be reinstated in stages.
Speaking on the reversal of the reduced rates, FFI CEO Kevin McPartlan said: “We are glad that the Minister for Finance Michael McGrath has listened to our appeal to avoid a cliff edge and stagger the reintroduction of excise duty on petrol and diesel.
“This move is something our industry called for very clearly, as it will help greatly to avoid a potential spike in demand that could lead to a run on forecourts.”
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