The price of a litre of petrol is now 131.0 cents on average, just barely down (0.2 cent ) on the figure for September. Diesel has risen by 0.9 cent to an average of 124.8 cent, according to the latest monthly fuel price survey by AA Ireland.
“It has been a grim year for fuel prices, and that continues,” says Conor Faughnan. “Petrol now costs motorists 13.5 per cent more than it did last October. Diesel is 18.5 per cent more expensive than it was this time last year.”
Oil prices are up in the last month, from $75 to between $82 and $83, but that negative effect is offset against the euro which continues to rise against the US dollar. The net practical effect is that prices at Irish pumps have not moved much in the last month.
“Oil and euros only explain a small part of the story,” says Faughnan. “Two thirds of what we spend on fuel goes directly to the Government in taxes. When you spend €20 on petrol or diesel, around €14 of that is made up of excise duty, an oil levy, the inaccurately-named carbon tax and VAT on top of everything. The actual price is only a third of what we pay.”
With the forthcoming Budget in everyone’s eyes, the AA is warning that adding yet again to fuel prices will not be the easy revenue-raiser for the Government that it appears. Between excise duty and carbon tax increases, as much as 15 cent per litre has been added to Irish retail fuel prices in the last 24 months.
