Dublin: The Irish government has approved a series of measures, including reductions in excise duty, to mitigate the impact of surging fuel and energy prices on households and businesses.
The decision was finalised at a high-level meeting involving Taoiseach Micheál Martin, Tánaiste and Finance Minister Simon Harris, and Regional Independent TD Sean Kenny. Under the plan, excise duty will be reduced by 20 cents per litre on diesel and 15 cents per litre on petrol. These reductions will remain in place until the end of May.
Additional relief measures include a reduction in the levy charged by the National Oil Reserves Agency (NORA), contributing to an overall decrease of approximately 22 cents per litre for diesel and 17 cents for petrol at the pump. The measures are expected to take effect from midnight following the introduction of a formal resolution in the Dáil Éireann.
The government is also considering extending fuel allowance payments through April, although no agreement has yet been reached on proposals to provide double payments for pensioners, carers, and people with disabilities.
In a move aimed at supporting supply chains, ministers have approved a diesel rebate scheme for hauliers and bus operators, which will be applied retrospectively from January.
The measures come in response to a sharp rise in global fuel prices linked to escalating geopolitical tensions involving Iran. Government sources acknowledged that while the full economic impact of the conflict cannot be offset, the current package is intended as an initial step to ease pressure on consumers.
Looking ahead, plans are also underway to establish a cross-government task force to accelerate the development of renewable energy and reduce long-term dependence on volatile fossil fuel markets.
Meanwhile, the International Energy Agency (IEA) has warned that a broader conflict involving the United States, Israel, and Iran could pose one of the most significant threats to global energy security in history.
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