Starting April 1st, get ready to dig a little deeper into your pockets when filling up your car. The government is bumping up the prices of petrol, diesel, and marked fuel oil, also known as green diesel.
This increase marks the latest move by the government to bring back fuel prices to where they were before they slashed them temporarily two years ago. From midnight on Monday, expect to pay an extra 4 cents per liter of petrol, 3 cents more for diesel, and 1.5 cents on marked gas oil.
Back in March 2022, when tensions rose due to the war in Ukraine, the then Finance Minister, Paschal Donohoe, cut excise rates to ease the burden on motorists. This temporary relief saved drivers 20 cents per liter on petrol and 15 cents on diesel. But now, those cuts are gradually being reversed, with this increase being the second last step, with one more to come in August.
While some may breathe a sigh of relief as fuel prices recently started to dip, this excise increase dashes those hopes. Despite criticism from opposition politicians and consumer groups, the government remains firm on its decision to restore excise rates.
Defending the move, Minister Donohoe pointed out that even with the increase, fuel prices are still significantly lower than they were when the cuts were introduced. He emphasized that the government’s decision stems from the growth of the economy and the need to balance finances.
However, not everyone is pleased with this decision. Sinn Féin’s Pearse Doherty called for a delay and review of the excise duty increase, given the ongoing cost of living crisis. He warned of potential consequences such as consumers crossing the border to purchase fuel in Northern Ireland, which could harm businesses in border areas.
Kevin McPartlan, CEO of Fuels for Ireland, highlighted the cumulative effect of multiple price increases on petrol and diesel. He called for a comprehensive review of fuel pricing, involving industry and environmental stakeholders.
With fuel costs set to rise, many families and businesses are bracing themselves for the financial impact, hoping for relief in the future.
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Brace Yourselves: Fuel Prices Set to Spike Again on April 1st!