Government leaders have agreed to reduce excise duty by 20 cents per litre on diesel and by 15 cents per litre on petrol, with these cuts applying until the end of May.
Tánaiste Simon Harris has recommended introducing a diesel rebate scheme for hauliers and bus operators, and this will be backdated.
The full package, which also features targeted energy supports for pensioners, carers, and people with disabilities, is expected to cost €235 million.
As part of the initial measures due to be announced tomorrow, the National Oil Reserves Agency (NORA) levy will be suspended for two months. This levy currently adds two cents per litre to motoring fuels and home heating oil.
There will also be an excise reduction on agricultural or green diesel.
Petrol, diesel, and home heating oil prices have risen sharply over the past two weeks. For example, the cost of 500 litres of home heating oil jumped from around €500 to nearly €900 by the weekend. Diesel prices climbed from about €1.80 per litre to between €2.20 and €2.30, while petrol approached €2 per litre.
Separately, forecourt retailers have indicated that wholesale fuel prices will decrease slightly starting tomorrow. According to the Convenience Stores and Newsagents Association (CSNA), members have been notified of an approximate 8-cent drop in diesel wholesale prices and a 5.5-cent drop for petrol. These reductions stem from falling international oil prices and are unrelated to government actions.
The CSNA, representing around 1,500 retailers including 300 filling stations, also reported that wholesale costs for home-heating oil and kerosene will fall by 10 to 13 cents per litre.
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