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Energy Solutions

Fuel prices to rise from midnight as price supports are reduced

Excise on a litre of petrol will climb by 5c while the price of diesel will go up by 6c

The cost of petrol and diesel will climb from midnight on Wednesday as the Government begins to wind back measures introduced shortly after Russia’s invasion of Ukraine last year caused fuel prices to rise dramatically.

From Thursday, the excise on a litre of petrol will climb by 5c while the price of diesel will go up by 6c.

The increase will see the average price of a litre of petrol climb to €1.62, according to figures from the AA, while diesel will go up to an average of €1.53.

Two further excise duty increases will be introduced later this year with one coming into effect at the start of September and a final increase to be imposed in October.

The cumulative impact of the duty restoration will add more than €200 to the annual cost of fuel for the average Irish motorist and leave the cost of fuel about 40 cent higher per litre than it was in the summer of 2020.

Once the full rate of excise is restored, the Exchequer will benefit by more than €700 million over the course of 12 months.

It comes despite the ongoing cost of living crisis, which has left the cost of domestic energy at more than twice 2020 levels, with grocery price inflation running at more than 16 per cent, according to retail analysts Kantar. The general rate of inflation still stands at more than 7 per cent.