Petrol and diesel prices to increase from midnight

It is the fourth increases in excise, to unwind a reduction brought in March 2022. File Picture: PA

For the second time in three months, fuel prices are set to rise due to increases in excise fuel duty.

From Thursday morning, the price of petrol will increase by 4c per litre, while the price of diesel will increase by 3c per litre.

Temporary cuts to the excise duty on petrol and diesel had been implemented by the Government in the wake of Russia's invasion of Ukraine in 2022, and the soaring fuel price rises that followed.

However, the Government unwound these cuts via planned excise duty increases in March of this year, as well as in June and September of last year.

According to the AA's monthly fuel price survey, petrol currently costs 179.95c per litre, with 56% of this total coming from taxes. Excise accounts for 50.93c of the current price, 33.65c comes from VAT, 12.96c comes from Carbon Tax, 1.90c comes the National Oil Reserves Agency (NORA) tax, and .80c comes from the Better Energy tax.

With Diesel, it is a similar story with taxes accounting for 52% of the current 173.62c price at the pump. Excise on diesel is currently 40.13c, Vat is 32.47c, Carbon Tax is 14.99c, NORA is 1.88c, and the Better Energy tax is .80c.