Petrol and Diesel Prices Find Solid Ground after Excise Duty Hike

“Stable Fuel Prices in July, but Potential Hike Looms as Oil Prices Rise”
Petrol and Diesel Prices Find Solid Ground after Excise Duty Hike

The cost of petrol and diesel in Ireland remained unchanged in July compared to the previous month. However, there are concerns that prices could rise in the near future due to increasing oil prices. Petrol prices have stayed at €1.65 per litre, while diesel prices have increased slightly by 2 cents to €1.55 per litre. Despite the recent duty increases, prices have remained steady, according to Blake Boland from AA Ireland. He also mentioned that apart from the upcoming duty increases, there is no significant reason to expect major price changes in the short term.

On September 1, fuel prices will see a further increase of 7 cents for petrol and 5 cents for diesel. The government plans to fully restore the rates on October 31, with a final increase of 8 cents for petrol and 6 cents for diesel. However, the rise in oil prices, as US crude supplies tighten, indicates that motorists will eventually have to pay more for petrol.

In a separate development, electric vehicle (EV) drivers are currently paying almost the same amount as petrol and diesel drivers, as electricity prices remain high. On average, an EV driver pays €1,158.99 per year to charge their car. EV drivers are eagerly awaiting a drop in electricity prices, especially as wholesale gas prices have fallen. There is growing pressure on electricity suppliers to lower costs in order to benefit EV drivers.

Overall, the stability of petrol and diesel prices in July is welcome news for motorists. However, the potential for future price increases due to rising oil prices is a concern. Similarly, EV drivers are hoping for a decrease in electricity prices to make charging their vehicles more affordable. It remains to be seen how these factors will impact the cost of transportation in the coming months.