At midnight today, fuel prices are expected to soar, representing the second increase in three months, reports The Mirror.
Due to an increase in the fuels’ excise charge, the price increase will result in a four cent increase for gasoline and a three cent increase for diesel per litre. Changes at the pump will take effect on Thursday, August 1st, as the anticipated rise will go into effect at midnight today.
In an effort to relieve consumer pressure amid the rising cost of living, the government temporarily lowered fuel taxes or excise duties on petrol, diesel and designated petrol oil when prices increased last year, reports The Mirror.
The price cut was initially scheduled to stop on October 31 of last year, but during the Budget 2024 release, it was extended until March 31 of this year. Following the removal of the excise tax decrease in March, this hike is the second to occur in as many months.
Independent Ireland West Cork TD Michael Collins criticised the hikes, pointing out the strain that rising living costs are placing on people.
The Cork TD told CorkBeo: “When the price of fuel increases, the price of everything else increases – food, clothing, building supplies, and so on. Continuing to raise prices during a cost-of-living crisis demonstrates the government does not care about ordinary people in Ireland,” reports The Mirror.
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