After a few months of relatively ‘low’ prices at the pumps, the cost of filling up our cars is set to increase dramatically as oil prices begin to rise.
Prices at the pump have begun to creep up as of late, and the trend is upward only. The cost of oil now stands at $47 per barrel, up from $44 last month.
AA Director of Consumer Affairs Conor Faughnan has said that while wholesale oil prices to influence the price at the pumps, it is not the only factor inflicting misery on drivers.
Mr. Faughan said “The bigger issue is tax and of your €190 or so monthly fuel bill, nearly €130 goes directly to the Government in tax.
“If oil pursues its current pattern we could see fuel prices continue to accumulate well into 2016.
“We would like to see the new Government remove the austerity taxes slapped on between 2008 and 2012 by their predecessors.
“This is nothing short of an anti-stimulus measure and is effectively taking money out of the pockets of consumers.”