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Sunday, October 24, 2021

Fuel prices to increase in Ireland next month following hike in carbon tax

Motorists will be facing an increase in carbon tax from next month, under new measures set to be announced in the Budget.

Those who own more polluting cars face the most significant rises.

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A full tank of diesel is most likely going to increase by almost €1.50 while petrol will rise by €1.28 for a full tank from October 13th, according to the Department of Finance’s Tax Strategy Group.

The carbon tax increase is to be announced by Minister for Finance Paschal Donohoe, who will be presented with options for the Budget from the Tax Strategy Group, whose advice often gets carried out.

However, fuel costs are certain to rise due to commitments made by the government to hike the carbon tax.

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Petrol and diesel prices will most likely increase at midnight after the Budget is delivered, however, other fuels will not rise until May.

In general, fuel prices are also increasing as there has been a sharp increase in the cost of a barrel of crude oil, which is trading at $75 per barrel but economists predict that it will increase to $100.

According to the Central Statistics Office (CSO), petrol prices were up 12.5% with diesel up by 13% when compared to last year.

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