Fuel prices edge towards record monthly average

Petrol and diesel are now 26 and 37 per cent higher than 2021 figures respectively
Fuel prices edge towards record monthly average

Muireann Duffy

The cost of fuel is continuing to increase with the average annual spend on petrol and diesel jumping by around €500 compared to 2020 prices.

Figures from AA Ireland show petrol is now 26.5 per cent more expensive than it was in 2021, while the cost of diesel has risen by 37.5 per cent in the same period. Annually, this translated to an extra €486 in the cost of petrol and €530 for diesel.

This is despite the reduction in excise duty announced by Minister for Finance Paschal Donohoe in March as part of the Government's response to the rising cost of living and the impact of the war in Ukraine on fuel prices.

The measure has temporarily reduced excise duty on petrol to 20 cent per litre and to 15 cent per litre for diesel.

The average price of diesel is now 194.6 cent per litre, while petrol averages 191.9 cent per litre, meaning the excise reduction has "broadly been wiped out" AA Ireland said.

"At the current petrol price, it costs, on average almost €2,000 per year just to fuel a diesel car, €530 more than last year and over €2,300 to fuel a petrol car, over €480 per year more than last year," head of communications with AA Ireland Paddy Comyn said.

Although he acknowledged recent reductions to the cost of public transport were welcome "and should be availed of by those that can", Mr Comyn added there remains a large number of people in Ireland who do not have a proper alternative to their car.

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