It comes as prices at the pumps have risen dramatically again to an average of €1.85 per litre of petrol and €1.80 per litre of diesel,
Finance Minister Michael McGrath has said that the final reversal of excise duty cuts on petrol and diesel will be “kept under review”.
Following several delays to plans to reverse excise duty cuts, it was decided that it would be reimplemented on a phased basis. There were two increases in June and September of 2023 and a third increase last month.However, Minister McGrath told reporters on Thursday that it will be kept under review as he acknowledged the “volatility” of oil prices.“It crept up towards $90 and now it's fallen back down again in recent days.
“The commitment I've given is that I will keep the issue under review. The final phase of the restoration of the excise reduction falls on August 1, so that issue will need to be considered closer to the time. “The excise reduction was always to be temporary. It was introduced in March of 2022 and has involved well over €1bbn of revenue foregone over that period of time as a result,
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