Book Offer
This will close in 10 seconds
From midnight tonight, drivers across the country will experience an increase in petrol and diesel prices, with a rise of 6c and 5c per litre respectively.
This hike in fuel costs comes as the government reverses the excise duty cuts that were implemented at the beginning of 2022, which had been put in place to alleviate the rising cost of living.
Initially, the cuts provided a relief of 21c per litre for petrol and a reduction of 16c for diesel. However, a phased restoration of previously reduced excise rates on car fuel will now occur in three stages throughout the upcoming months.
The first stage of this restoration process will commence tomorrow on June 1st, resulting in a 5c per litre increase for diesel and a 6c per litre increase for petrol.
Further adjustments to excise duty are scheduled for September 1st. On that date, an additional 5c will be added to each litre of diesel, while petrol will see a 7c per litre increase.
Finally, by October 31st, the government plans to fully reinstate the rates, imposing a final 6c per litre hike for diesel and an 8c per litre increase for petrol.
A sharp rise in the price of crude oil could also lead to motorists paying more for their petrol by the end of the month.
Motorists could also face increased petrol prices by the end of the month due to a significant surge in crude oil prices.
In addition to this hike, the government raised carbon tax last month on April 1st, further pushing up the cost of motor fuel and energy. Gript previously asked Finance Minister Michael McGrath if he would be willing to cancel the scheduled hike to help individuals in energy poverty, in a clip which can be viewed below.
"Does hiking taxes help during a crisis?" Gript presses Finance Minister Michael McGrath on carbon tax hikes, and how he plans to help those in energy poverty.
FULL VIDEO: https://t.co/fLObC2ju6Q pic.twitter.com/K7FYbW511C
— gript (@griptmedia) January 5, 2023
This week the Credit Union Consumer Sentiment Index for May found that 60% of Irish consumers do not believe that the worst of the cost of living crisis has passed, but rather think that worse difficulties are on the way in the near future.
This will close in 10 seconds