Slight Relief: Petrol and Diesel Prices Drop, EV Charging Rates Reduced..
DUBLIN: Petrol and diesel prices have decreased slightly, offering some relief amid the high cost of living. This reduction in fuel prices follows the Electricity Supply Board’s (ESB) decision to lower public electric vehicle (EV) charging rates.
The ESB has reduced the unit rates for high-power (200kV) chargers by 13 percent. Additionally, petrol prices have dropped by 4 cents per litre and diesel by 5 cents compared to the previous month. Consequently, diesel now costs €1.71 per litre, and petrol costs €1.79 per litre.
The decline in fuel prices is attributed to a drop in crude oil prices and the delay in interest rate cuts in the United States. This month, crude oil prices were at $83 (€77) per barrel, while Brent crude stood at $77.52 per barrel, down from $90 in mid-April.
Increased production and decreased demand in the U.S. have led to higher fuel stockpiles, further contributing to the price drop. Additionally, the delay in interest rate cuts by U.S. banks has influenced the decline in international fuel prices, according to AA Ireland.
This price reduction comes as the Irish government plans to fully restore the previously reduced excise duty on petrol and diesel on August 1. The pre-VAT excise duty amounts to 4 cents on petrol and 3 cents on diesel. Consequently, there are concerns that fuel prices may increase again. To mitigate this, various groups, including AA Ireland, have called for a postponement of the excise duty restoration.
Finance Minister Michael McGrath has indicated that he will review the decision to reinstate the excise duty on petrol and diesel. The government initially cut the excise duty in March 2022 when fuel prices reached €2.20 per litre and has been reinstating it gradually.
In addition to fuel price reductions, the ESB announced a decrease in EV charging rates, with fast charger rates reduced by 12 percent and standard chargers by 8 percent.
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