Fuel prices have fallen to the lowest rate in Ireland since the start of the war in Ukraine, according to the latest AA fuel price survey.
The average petrol price across the state is €1.59 – the lowest that it has been since September 2021.
Diesel fuel has dropped significantly, with an average price of €1.51 – 9% less than it cost last month.
“We have not seen prices this low for petrol and diesel since September 2021 – well before the start of the ongoing conflict in Ukraine, which led to a dramatic increase in fuel prices internationally,” said Paddy Comyn, head of communications, AA Ireland.
New figures from the AA fuel price survey show that these prices are unlikely to last, as a phased restoration of previously reduced rates of excise tax on petrol and diesel will take place in three stages over the coming months.
This reintroduction of duty tax will see rates restored on 1 June – by six cent per litre of petrol and by five cent per litre of diesel.
On 1 September, these rates will increase by seven cent for petrol and five cent for diesel, the automotive services company noted.
The government will fully restore the rates on 31 October, with a final increase of eight cent for petrol and six cent for diesel.
“Motorists won’t be able to enjoy these prices for too long, however,” added Comyn.
“We already know that, unless prices fall again, then petrol will be back up to around €1.80 per litre and diesel to €1.76 per litre by the end of October, which were the same as at the start of the Ukraine conflict.”
© 2023 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more supply chain news, click here. Click subscribe to sign up for the Checkout print edition.