Since the beginning of the new year, the cost of petrol and diesel is expected to increase, reports Independent.
Due to regulations requiring that the percentage of biofuels in petrol and diesel must increase once again starting in 2025, both fuels will increase by 2 cents apiece tomorrow.
According to law, biofuel must make up an increasing percentage of the diesel and petrol distributed at Irish gasoline pumps, reports Independent.
This is the fourth increase in automobile gasoline prices in less than a year.
These include a carbon tax increase immediately following the October Budget and two increases in excise duty to bring it back to its full amount, reports Independent.
According to earlier estimates by industry organisation Fuels for Ireland, the four increases are expected to raise the price of petrol by around 15 cents per litre and diesel by about 12 cents per litre.
Although the price of crude oil remained stable this month, the cost of petrol at the pump increased.
After three months of declining costs, the price of petrol and diesel has increased for the second consecutive month. Distributors and sellers of fuel have disputed that the business engages in profiteering, reports Independent.
Diesel prices have grown by 3c this month to €1.71 per litre, while petrol prices have increased by 1c to an average of €1.74 per litre, according to the December AA Ireland fuel price study, which was released shortly before Christmas.
Industry insiders attributed the rise in refinery prices and transportation expenses to the upheaval in the Middle East. The cost of importing crude oil into this nation was also rising as a result of the euro’s depreciation versus the dollar, reports Independent.
Dollars are used to price oil, and the euro is moving towards parity with the dollar. As the government worked to progressively reinstate the full amount of excise tax on motor fuels, drivers were stung in April by a 4c increase in the price of a litre of gasoline and a 3c increase in the price of diesel.
In 2022, the government lowered motor fuel excise duty in response to rising costs brought on by the conflict in Ukraine, reports Independent.
The government reinstated the full amount of fuel and diesel excise duty in August. The excise tax increases that month increased the price of fuel by 4c (VAT included) and diesel by 3c.
October saw another increase in the price of petrol and diesel as a result of the most recent carbon tax hike. The tax increase increased the price of fuel by 2.1c and diesel by 2.5c, reports Independent.
As traders concentrated on 2025 threats, including as plentiful supply and the uncertainty of the new Donald Trump government, crude oil prices remained stable yesterday.
After rising 1.6 percent last week, West Texas Intermediate stayed close to $71 per barrel in weak trade, while Brent was above $74, reports Independent.
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