It was announced yesterday that there would be a reduction of 20c per litre on petrol and 15c per litre of diesel, and a cut of 2c per litre on green diesel has also been agreed.
Paschal Donohoe, the finance minister, said the measure would reduce the cost of a 60lt tank of petrol by €12 and a 60lt tank of diesel by €9.
The reduction will be in place until August 31 and will cost €320m.
Speaking to, Paul Lynch of the Cork Taxi Council said the cut in excise would be “wiped out by Friday” due to increasing costs of fuel.
He said that senior taxi drivers have described it as “a joke”.
“Prices at the moment are runaway and the Government are doing nothing,” he said.
“The excise cut is for everybody in transport and that means your hauliers as well and us and the buses. It’s the diesel that should have got the bigger cut, not the petrol.”