Irish government cuts excise duty on petrol and diesel
The cut in excise duty will be in place until the end of August
At a glance
The cut means petrol will be reduced by 20 cents a litre and diesel 15 cents a litre
The reduction will be in place until the end of August
It comes as global fuel prices hit record highs
- Published
Excise duty on petrol and diesel will be cut in the Republic of Ireland, the Irish government have announced.
Petrol will be reduced by 20 cents a litre and 15 cents a litre on diesel. A cut of 2 cents per litre on green diesel has also been agreed.
The cut will be in place until the end of August at a cost of €320m (£268m), Irish broadcaster RTÉ has reported.
The move will cut the cost of a 60-litre tank of petrol by €12 (£10) and diesel by €9 (£7.50).
It comes as global fuel prices hit record highs amid fears of a global economic shock from Russia's invasion of Ukraine.
Ireland's finance minister Paschal Donohoe said the country was experiencing the consequences of war.
Fuels for Ireland, the representative body for the industry, told RTÉ the wholesale cost of diesel rose by 22 cents a litre in the past 24 hours.
The organisation said the cut "won’t even counter that".