Motorists are set to be hit with a second fuel price hike in three months, with the Irish government raising the rates of petrol and diesel from Thursday morning.
While the price of petrol will increase by 4 cents per litre, the price of diesel will go up by 3 cents per litre due to increases in excise fuel duty.
The Government had initially implemented temporary cuts to the excise duty on petrol and diesel following Russia’s invasion of Ukraine in 2022, which led to soaring fuel prices.
However, these cuts were reversed through planned excise duty increases in March of this year, as well as in June and September of the previous year.
As per the AA’s monthly fuel price survey, petrol currently costs 179.95 cents per litre, with taxes accounting for 56 per cent of this price. Similarly, taxes account for 52 per cent of pump price of diesel, which is presently retailing at 173.63 cents per litre.