Excise duty

Motorists facing costs of €2 a litre for petrol, diesel on some forecourts amid Ukraine crisis.

Green Party leader Eamon Ryan said last week that Ireland had agreed with the International Energy Agency to release some of its reserves to the global market. It will be an enormous challenge at a scale we have never dealt with before,” he said. Measures to manage demand - intervening in the electricity market if power shortages are a risk - were also discussed. The Government is likely to sign-off on a cut in excise duty on Wednesday in an attempt to counteract sharp rises in the price of fuel. The Government is likely to sign-off on a cut in excise duty on Wednesday in an attempt to counteract sharp rises in the price of fuel. Sources confirmed that the measure would likely to be brought to a special Cabinet meeting on Wednesday and voted through the Dáil either later in the day or on Thursday.

FINE Gael backbenchers have called for planned carbon tax increases to be suspended and for further cuts to excise duty at a private party meeting.

Mr Lombard said such a measure was needed to aid hauliers and the agriculture industry. He said that “such profiteering” is “completely unacceptable” on fuel prices and called it a “barbaric act of cruelty on a civil population”. Sources said that Senator Eugene Murphy also raised the issue and the Taoiseach is believed to have said that the CCPC may look into the recent price hikes. He is understood to have said that price increases ahead of the excise duty cuts, which kick in tonight, are an effort to capitalise on “carnage and mayhem” which has been imposed on Irish people who have already been “so generous” in offering help to Ukrainians affected by the war. Tánaiste Leo Varadkar was not at the meeting as he is on a St Patrick’s Day visit to Latin America. Foreign Affairs Minister Simon Coveney was also absent as he was attending a meeting of the Oireachtas Foreign Affairs Committee. Meanwhile, Finance Minister Paschal Donohoe was dealing with the Finance Bill giving effect to the cuts in excise duty in the Dáil. Clare TD Joe Carey, meanwhile, said that hauliers and the agricultural sector need a better deal and that the initiative to cut excise duty, announced by the Government today, was “too little too late”.

The reduction will be in place until the end of August at a cost of €320m (£268m).

A cut of 2 cents per litre on green diesel has also been agreed. Petrol will be reduced by 20 cents a litre and 15 cents a litre on diesel. The cut means petrol will be reduced by 20 cents a litre and diesel 15 cents a litre

There will also be a reduction of 2 cent in the excise duty charged on marked gas oil.

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The Minister for Finance, Paschal Donohoe TD, has today (Wednesday) announced a temporary reduction in the excise duties charged on petrol, ...

The cut to excise duty on petrol and diesel will remain in place until August 31.

This is particularly difficult for people who live in remote and rural areas where they do not have access to frequent public transport.” The Government expects the new measures will mean a 60 litre tank of petrol will cost €12 less and a 60 litre tank of diesel will cost €9 less. The Cabinet is this morning signing off on a plan which will see excise on petrol will be cut by 20c per litre and 15c per litre on Diesel.