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Fuel Prices Drop To Pre-Ukraine Invasion Lows, But Will Rise In June

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Fuel Prices Drop To Pre-Ukraine Invasion Lows, But Will Rise In June

(CTN News) – As of 2023, fuel prices will rise by approximately 20 cents per liter, due to Russia’s invasion of Ukraine.

In the aftermath of Vladimir Putin’s invasion, production fell and sanctions were introduced, causing oil, gasoline, and diesel prices to skyrocket.

In March 2022, the Government reduced excise duties to combat this.

On petrol, diesel, and marked gas oil, excise duty was cut by 20c, 15c, and 2c, respectively.

Pump prices are now as low as they were prior to the war. Last June, the AA reported that motorists were paying on average €2.13 per liter for petrol and €2.05 for diesel during the peak of the war-related crisis.

In the state, the average petrol price has dropped to €1.59 since September 2021. A survey from AA Ireland found that the average price of diesel fuel has decreased significantly to €1.51, 9% lower than in March 2023.

Fuel prices in many Cork areas are around €1.59 according to Pumps.ie, with garages such as the Top in Ballinspittle, the Maxol on Glasheeen Road and the Circle K in Blackpool all around that mark.

Maxol at Shean Lower in Blarney recently increased its price to €1.65 per liter, according to its website.

The prices for petrol and diesel have not been this low since September 2021, well before the start of the conflict in Ukraine, which led to a dramatic rise in fuel prices worldwide.

With the Government confirming earlier this year that excise duty would be phased back into fuel prices in stages, fuel prices are expected to rise.

Petrol, diesel, and gas oil rates will be restored on June 1 by 6c per liter, 5c per liter, and 1c per liter respectively.

A further 7c will be added to the price of petrol, 5c to the price of diesel, and 1c to the Fuel Prices of gas oil on September 1.

As of October 31, they will be fully restored, with an increase of 8 cents for petrol, 6 cents for diesel, and 3 cents for gas oil.

According to Mr Comyn, drivers won’t be able to enjoy these prices for long. By the end of October, petrol and diesel will be back up to around €1.80 per liter if prices don’t fall again. Those prices are the same as they were when the Ukrainian conflict started.”

According to Sinn Féin finance spokesperson Pearse Doherty, when the tax cut is phased out, the price will be higher than before the cut.

Is the Government willing to keep this under review if Fuel Prices creep up to €2 and beyond? Is this measure going to be revisited by the government?” he asked.

Michael McGrath replied that the Government had agreed to phase-in the reintroduction of excise tax through October at a cost of around €383 million.

In response to the Deputy’s question directly, he said, “No.”.

As lawmakers, we intend to proceed according to the law, although we always stay on top of all developments.

We keep everything under review, including this issue, and our intention is to proceed in line with the way we are planning to legislate today. I am not giving any specific commitment on whether we would make a change if prices are at a certain level.

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