Petrol and diesel prices to rise in days as Government set to increase fuel tax

• Published date: 28 May 2023
• Author: Pat Flanagan
• Publication title: DublinLive (Ireland)

The Government cut excise duty in March 2022 as fuel prices soared due to the war in Ukraine. But it February it was announced that excise duty cuts would be restored on a phased basis between June and September

From next Thursday June 1, the first of three planned increases on petrol and diesel will come into effect and it is aimed at restoring rates to their pre-Ukraine war levels. Having plummeted in the early stages of the Covid-19 pandemic, the price of oil steadily began to ratchet up again from late 2020 onwards.

However, a quicker than expected recovery in economic activity and consumer demand saw the price of a barrel of Brent Crude return to its pre-pandemic level by March 2021. The excise duty increase will mark the beginning...