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31st May 2023

Diesel and petrol prices set to rise from this week

Stephen Porzio

petrol prices

Bad news for motorists.

The cost of diesel and petrol is set to rise from Thursday (1 June) as a result of the excise duty on fuel in Ireland being increased from this point.

Back in March 2022, the Government cut the excise duty on fuels in a bid to curb surging diesel and petrol prices. This inflation was linked to the ongoing conflict between Russia and Ukraine.

However, these cuts will begin to be eased from Thursday, with petrol duty rising by 6c per litre and diesel duty rising by 5c per litre.

Following this, there will be further increases on 1 September and 31 October, which will bring excise duty rates on fuel back to their original levels.

In a recent statement about the excise duty rise, AA Ireland’s Head of Communications Paddy Comyn said that while the upcoming increase has been known about for some time, it will still come as “another unwelcome increase for motorists after enjoying a period of reasonably stable fuel prices”.

Meanwhile, RTÉ News reports that though these excise increases will be law from Thursday, fuel retailers should not have to immediately add them to their prices. The excise is charged on fuel supplies purchased by filling stations, meaning existing supplies in forecourts will already have had the lower rate tax applied.

That said, according to the outlet, Comyn stated that most motorists will see diesel and petrol prices rise by this weekend.

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