Irish Examiner view: Strong case for windfall taxes on energy companies

Fuel prices have escalated massively in recent months

Filling up should become cheaper if the savings are passed on to the consumer.

The cost of fuel should be decreasing in the month ahead as international prices for petrol and diesel have finally begun to come down. To which many motorists might respond, “yeah, right”.

The AA says the trajectory of wholesale prices is moving south. In June it reported petrol was 41% more expensive than last year and 66% more expensive than 2020 while the cost of diesel was 45% higher than 2021. Wholesale petrol peaked above €1.17 a litre on June 1 but fell below 94c a litre for much of last week. So, filling up should become cheaper, if the trade is prepared to pass savings on.