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“Petrol and Diesel Prices in Ireland Soar, Approaching €2 per Litre Mark”

Dublin: The reimposition of excise taxes, threatens to escalate petrol and diesel prices in Ireland, potentially soaring by two euros per litre. This month’s survey by AA Ireland reveals that fuel prices have hit their peak for the year, with petrol standing at €1.81 per litre and diesel at €1.78. These figures mark a significant increase, with diesel rising by 13 cents and petrol by nine cents, attributed to hikes in crude oil prices and excise duty.

Interestingly, fuel prices remain relatively lower in Northern Ireland due to the UK government’s postponement of an excise duty hike for a year. This has prompted petrol retailers across the border to momentarily slash prices to compete, albeit temporarily.

The recent spike in fuel prices signals the initial phase of excise duty restoration, which was previously reduced in early 2022 as a measure to mitigate escalating prices. However, with the first phase of restoration underway, concerns arise about the complete reinstatement scheduled for August. Should this occur, petrol prices are expected to rise by 5 cents and diesel by 4 cents, further compounded by VAT.

Michael Kilcoyne, chairperson of the Consumers Association of Ireland (CAI), urges the government to reconsider the August excise duty hike to curb price surges. Kilcoyne highlights that over half of the petrol and diesel prices contribute to the government exchequer through taxes and duties, emphasising the potential ripple effects on transport costs.

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