Date pinpointed for petrol and diesel price hike after short reprieve for drivers
Drivers are facing price hikes as excise duty is restored
Motorists are facing a price hike on petrol and diesel at the start of April when excise duty is set to be increased.
Unfortunately it is not an April Fool's joke as drivers face increases of 4 cents on petrol, 3 cents on diesel and 1.7 cents on marked gas oil on April 1, 2024. The same increases are also due again on August 1, 2024.
As part of a suite of measures to tackle the cost of living crisis, it was announced in March '22 that excise duty would reduce by 20 cent per litre of petrol and 15 cent per litre of diesel. There will also be a reduction of 2 cent in the excise duty charged on marked gas oil. These reductions were to remain in place until the 31st of August 2022.
However, it was not until 2023 that the excise was increased, with 5 cent added back on the price of a litre of petrol while the price of diesel went up by 6 cent in June.
In September of that year, duty rates were increased by a further 7 cents for petrol, 5 cents for diesel, and 1 cent for marked gas.
In Budget 2024, Minister for Finance Michael McGrath deferred the final tranche of the various fuel duty excise increases which will now take place in two equal instalments, with the first taking place on 1 April 2024.
The full excise duty will have been restored when the final increase takes place this August.