Motorists will be feeling the pinch today as fuel prices are on the rise once again.
The cost of petrol is set to jump up by 4c per litre, while diesel will increase by 3c and marked gas by 1.5c.
It is the latest step by Government to restore excise rates after a temporary cut was introduced two years ago.
The reduction was made to help households and businesses through a period of rising inflation after Russia’s invasion of Ukraine spiked energy costs around the world.
However, Government now believes cost-of-living pressures have now mostly subsided and excise is ready to be raised again.
One winner
The Irish Independent's personal finance editor Charlie Weston said there is only one winner from today’s decision.
“It really isn’t good for anyone, apart from the exchequer,” he told Newstalk.
“The exchequer does very well out of petrol and diesel in Ireland.
“More than half of what you pay for a litre of petrol and diesel goes to the exchequer.
“It’s not unreasonable to ask the Minister to continue to postpone the restoration of excise on petrol and diesel.”
The full restoration of excise duty on fuel in Ireland will be completed with further planned hikes on August 1.
The total tax taken on fuel last year was €3.8bn.
Main image: Petrol pumps in Dublin. Photo: Sam Boal/Rollingnews.ie
