Finance Minister Michael McGrath has hinted at the possibility of delaying the planned fuel excise hike scheduled for October. He cited the escalating fuel prices, which are approaching the levels that previously led to excise cuts. Currently, these cuts are legally set to be reversed, adding 8 cents per liter to petrol and 6 cents for diesel at the end of October.
However, Minister McGrath emphasized that the government is closely monitoring the situation, taking into account the recent surge in oil barrel prices. He noted that oil prices have climbed from around $70 per barrel in mid-July to over $90 per barrel today, largely due to supply decisions made by key players in the oil industry.
“We’re not blind to that reality,” McGrath stated. “We will consider that in the context of the Budget, which is an appropriate time to make a decision well ahead of the end of October date currently penciled in.”
The potential postponement will be a relief to consumers grappling with rising fuel costs as governments worldwide grapple with economic challenges driven by fluctuating energy prices.