Lowering excise duty on petrol and diesel by 20% for six months would cost exchequer €249m

The reduction in excise duty in May had faced a deal of criticism given much of its benefit was swallowed up by rapidly increasing prices at forecourts across the country.

Reducing excise duty on petrol and diesel by 20% for six months would cost the exchequer €249m, according to new figures.

The new numbers, presented by the Department of Finance to the Public Accounts Committee, suggest that even a 10% lowering of excise duty and taxes on fuel for the six months up until December 1 of this year would cost the State €124m in lost taxes.