Fuel cost rise ‘due to taxes’
FEARS AS PRICES NEAR €2 A LITRE
THERE are fears that the price of petrol and diesel is heading to €2 a litre with prices at their highest yet this year.
April has already seen petrol rise to €1.81 per litre while diesel has risen to €1.78 per litre while Electric Vehicle fuelling costs remain steady month on month.
Excise duty was cut in March 2022 as prices topped more than €2 a litre in some service stations.
Prices jumped on forecourts as a result of Russia’s invasion of Ukraine, among other factors.
The excise duty cuts were reversed on a phased basis — first in June 2023, and then in September — but the final increase was set to come into place in October 2023.
However, as part of the Budget, Finance Minister Michael McGrath delayed those increases to March 31 this year.
The Government will fully restore the excise duty rates on August 1 with a final increase of 4c on petrol and 3c on diesel.
And a carbon tax is also expected in October so prices at the pump
are expected to increase further later in the year as a result with fears prices will top €2 a litre.
The AA Ireland’s latest monthly Fuel Price Survey has shown a surge in petrol and diesel prices over the last few weeks after a decrease was reported in March.
Highest
These are the highest prices reported in 2024 with almost a 13c increase in petrol and 9c increase in diesel since January 2024.
Jennifer Kilduff, head of marketing and PR for the AA (Ireland), said: “Unfortunately, and as expected the decrease we saw in March, underpinned by the border counties reducing their prices was short-lived.
“The first reinstatement of excise duty which came into effect on April 1 has now been reflected in pump prices reported across most of the country in April.”
Ms Kilduff explained: “The Government will fully restore the excise duty rates on August 1 with a final increase of 4c on petrol and 3c on diesel.
“A carbon tax is also expected in October so we expect prices at the pump to increase further later in the year as a result.” Electric Vehicle fuelling costs this month remains relatively steady. Customers can avail of 3c off a litre from Circle K via the AA Ireland App. Ms Kilduff added: “With rising costs of fuel and the cost of living in general, it is important that customers consider all options when deciding to keep or change their current vehicle.”