Fuel prices close to hitting record monthly highs, despite excise duty cuts

Fuel prices close to hitting record monthly highs, despite excise duty cuts

Overall, the cost of petrol has risen 26.5% over the past year. The cost of diesel has risen 37.5%. Picture: Lewis Whyld/PA Wire

The cost of petrol and diesel in Ireland is close to hitting a record average monthly high, despite the Government's move to cut excise duties on fuel in March.

According to a new survey from AA Ireland, the cost of running an average car in Ireland now around €500 more expensive than it was just last year.

The average price of diesel is now 194.6c per litre (c/L) and the average petrol price is 191.9c/L.

Overall, the cost of petrol has risen 26.5% over the past year. The cost of diesel has risen 37.5%.

Head of Communications for AA Ireland, Paddy Comyn, said the rapid increases have broadly wiped out the 20c/L and 15c/L excise duty reductions on petrol on diesel introduced by Finance Minister Paschal Donohoe in March.

"At the current petrol price, it costs on average almost €2,000 per year just to fuel a diesel car, €530 more than last year, and over €2,300 to fuel a petrol car, over €480 per year more than last year," he said.

Mr Comyn said recent reductions to the cost of public transport were "very welcome" and should be availed of by those who could.

However, he said there remained "many people without a proper alternative to their car" who were being heavily impacted by fuel price increases.

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