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Excise duty on fuel to increase from midnight

By May 31, 2023No Comments

Motorists can expect to see a jump in the cost of petrol and diesel from midnight tonight as cuts to Government excise charges begin to reverse.

Petrol prices will rise by six cent per litre, while diesel will go up by five cent. Agricultural diesel will also go up a cent.

In March last year, as fuel prices went up and up, the Government acted and cut the excise duty on fuel.

The cuts amounted to a 21 cent per litre reduction in the cost of petrol and a 16 cent cut on diesel.

But those cuts are being reversed and from tonight.

The excise increase will be law from midnight, but all fuel retailers should not have to add them to retail prices immediately.

This is because excise is charged on fuel supplies that filling stations purchase and existing forecourt supplies will have had excise at the lower rate applied.

Paddy Comyn of the AA said that busier fuel stations receive new supplies a few times a day and will immediately have to pay the higher rates.

He said the majority of motorists will see their fuel price increase by the weekend.

Two further increases in excise are planned for 1 September and 31 October, by which time excise levels on fuel will have been fully restored to early 2022 levels.

Article Source – Excise duty on fuel to increase from midnight – RTE

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