INCREASES IN EXCISE to petrol and diesel have been postponed until next year, it has been announced.
The delay was announced in the Dáil this afternoon by Minister for Finance Michael McGrath as part of the Budget 2024.
The government cut excise duty on fuel by 20c in March of last year as a response to a spike in prices at the pump driven by Russia’s invasion of Ukraine and general fuel shortages.
On 1 June of this year the Government rowed back this cut by 6 cent for petrol and 5 cent for diesel, with further increases implemented in September.
The final reversal was set to come on 31 October, when prices were due to go up by 8 cent for petrol and 6 cent for diesel. However, these have now been postponed.
“I am conscious that the price of petrol and diesel for motorists have increased in recent weeks, driven by volatility in international oil prices,” McGrath said today.
“I have therefore decided to defer the final tranche of fuel excise increases which were due to happen on 31 October.”
The increases on petrol, diesel and marked gas oil will now be split between two equal increases on 1 April and 1 August of next year.
However, the cost of petrol and diesel will still rise from tomorrow under the Carbon Tax. The tax will see the cost of both fuels rise from €48.50 per tonne to €56 per tonne.
The will add 2.5c to the cost of diesel and 2.1c to the cost of petrol.
You can find full details of today’s Budget announcement in our roundup here.
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