Fuel prices hit lowest levels in years but hikes expected next month

Reintroduction of excise duty will add 5c to a litre of diesel and 6c to a litre of petrol

In April, the average price of diesel dropped to €1.47 per litre with the price of petrol dropping to €1.57 per litre. 

Petrol and diesel prices have hit their lowest levels since September 2021 but it will not last long as excise duties are due to be reintroduced beginning on June 1, a survey conducted by AA Ireland has found.

During April, the average price of diesel dropped 2.6% to €1.47 per litre, compared to March, with the price of petrol dropping 1.2% to €1.57 per litre during the same period.

Head of communications with AA Ireland Paddy Comyn said prices continued to fall so far during May but at the start of June there will be a reintroduction of excise duty, which will add 5c to a litre of diesel and 6c to a litre of petrol.

“If fuel prices remain the same, these increases will see petrol costs increase by 3.8% and diesel by 3.4% on June 1. We have known about it for some time, but it will come as another unwelcome increase for motorists after enjoying a period of reasonably stable fuel prices,” Mr Comyn said.

Another increase in excise duty is pencilled in for September 1. It will see another 5c added to a litre of diesel and 7c added to a litre of petrol.

The Government is then set to fully restore the rates on October 31, with a final increase of 6c for diesel and 8c for petrol.

AA Ireland also pointed out that electric vehicle owners are paying almost identical amounts this month as electricity prices remain high.

The average EV driver is paying €1,131.04 to charge their car over the course of the year based on April prices, which is just slightly down from €1,138.13 in March.

However, those taking advantage of smart meters and cheap night rates pay as little as €421.43 to cover the same 17,000km distance. Those charging exclusively on public chargers could pay up to €2,150.27 annually.