Fuel prices increase in Ireland

Fuel prices in Ireland have hit their highest levels in 2024.

According to AA Ireland's latest Fuel Price Survey, petrol and diesel prices in Ireland have experienced significant increases. As of April, petrol prices reached €1.81 per litre, and diesel prices climbed to €1.78 per litre. These prices mark the highest rates in 2024, with petrol prices rising by nearly 13 cents per litre and diesel by 9 cents since January.

Jennifer Kilduff, Head of Marketing and PR for AA Ireland noted that the price reductions observed in March were temporary and influenced by price cuts in border counties. However, these decreases have been reversed following the reinstatement of excise duty on April 1, affecting most regions across the country.

Excise duty, a fixed tax levied on mineral oils, cigarettes and alcohol, remains constant per litre, irrespective of pump price fluctuations. The government plans to fully restore the previous excise duty rates from August 1, adding 4 cents to the price of a litre of petrol and 3 cents to diesel. Additionally, a carbon tax is expected to be introduced in October, which will drive fuel prices even higher later this year.

EV-charging costs stable

In contrast, electric vehicle (EV) fuelling costs have remained stable, with only a slight increase of €1 annually on the estimated average cost. This marginal rise means that EV owners are expected to pay approximately €926 per year for an average distance of 17,000km, up from €925 the previous month.

Kilduff emphasised the importance of considering various factors due to the rising fuel costs and the general cost of living. She advised that both drivers of cars powered by internal combustion engines and EVs should review their driving habits to optimise fuel efficiency. For instance, maintaining a vehicle in good condition, regularly checking tyre pressure and moderating driving speeds can significantly reduce fuel consumption. She referenced a study by AA, the results of which "showed that reducing your speed on the motorway from 120km/h to 100km/h could reduce your fuel bill by up to 29 per cent. This would not only save money but more importantly, reducing speed could save lives.”

For motorists looking to cut costs further, Circle K is offering 3 cents off a litre via the AA Ireland App.

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Published on April 19, 2024