Fuel prices stabilise following excise duty increases

On September 1, fuel prices will increase by 7 cents for petrol and 5 cents for diesel. The Government will fully restore the rates on October 31, with a final increase of 8 cents for petrol and 6 cents for diesel.

The average price for a litre of petrol or diesel was unchanged in July compared to last month, but further increases could be on the horizon as oil prices edge higher.

Petrol prices this month stayed at €1.65 while diesel prices went up fractionally by 2 cents to €1.55.

"Following the duty increases last month, we have seen prices remain steady," says AA Ireland's Blake Boland.

"Aside from the upcoming signalled duty increases, there is no reason to believe there should be much upheaval to prices in the short term,” he added.

On September 1, fuel prices will increase by 7 cents for petrol and 5 cents for diesel. The Government will fully restore the rates on October 31, with a final increase of 8 cents for petrol and 6 cents for diesel.

However, oil prices have risen as US crude supplies tighten. Brent crude gained 11 cents to $78.61 (€69.77) a barrel by, while US West Texas Intermediate crude rose 15 cents to $74.30 a barrel.

Increases in the price of crude oil mean motorists will eventually pay more for their petrol.

Meanwhile, EV drivers are paying almost identical amounts this month as electricity prices remain elevated. The average EV driver pays €1,158.99 to charge their car annually.

EV drivers anxiously await a drop in electricity prices as wholesale gas prices fall.

Pressure is increasing on electricity suppliers to lower costs, said AA.