Dublin: There are reports that there will be a significant increase in the prices of diesel and petrol in Ireland in the coming months. With the full restoration of excise duty, petrol will cost €1.85 per litre and diesel will cost €1.75 per litre by November, AA Ireland warns.
Since May, diesel prices at the pump have risen by 20 cents. Petrol prices have risen as well, but not quite as drastically as diesel prices. According to the most recent fuel survey data, petrol and diesel prices are rising. This is in contrast to last month, when prices remained stable.
Between last month and the beginning of this month, petrol prices increased by 3%, with the average price rising from €1.65 to €1.70 per litre. However, diesel prices increased by about 9 cents per litre compared to the previous month’s average.
The motoring organisation stated that raw materials have continued to rise over the past few months and are now at their highest level in 2023. Some duty hikes are yet to come into force, and prices will rise further.
The increase in fuel excise duty will be implemented early next month. In the first phase, it will rise by 7 cents per litre of petrol and 5 cents per litre of diesel.
On October 31, the full rate of excise duty will be phased back to 8 cents per litre of petrol and 6 cents per litre of diesel.
The increase in crude oil prices over the past few months will also lead to an increase in petrol and diesel prices.
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