Supports introduced following outbreak of war in Ukraine to be wound back
The cumulative impact of the duty restoration will add more than €200 to the annual cost of fuel for the average Irish motorist and leave the cost of fuel about 40 cent higher per litre than it was in the summer of 2020.
Once the full rate of excise is restored, the Exchequer will benefit by more than €700 million over the course of 12 months. It comes despite the ongoing cost of living crisis, which has left the cost of domestic energy at more than twice 2020 levels, with grocery price inflation running at more than 16 per cent, according to retail analysts Kantar. The general rate of inflation still stands at more than 7 per cent.
“The return of excise duty norms poses a serious risk to households as they continue to grapple with higher energy costs,” said Marian Ryan ofShe said that, while some people might try to cut back on using the car in the summer months by cycling or walking to work and school, “for a lot of people, this is simply not possible. Families living in rural locations will be particularly hit with these reinstated prices”.
Ms Ryan warned that the restoration of excise duties throughout the year “will add to transportation costs for Irish households. With this in mind, perhaps there is some merit in the Government taking heed of the public’s called for sustained financial supports. Because without them, people could be at serious risk of falling into unmanageable debt”.
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