Fuel prices have risen substantially in August with further increases expected in the coming months, according to AA Ireland’s latest fuel price analysis.
The price of diesel in Ireland has risen by 11 per cent in August to an average of €1.92 per litre, up 19 cents from July.
The price of petrol has risen by 5 per cent during that time to an average of €1.84 per litre, up 9 cents from July.
For motorists, that means an increase of €9.50 on each 50-litre tank of diesel and €4.50 more for a tank of petrol.
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A spokesperson for AA Ireland said the change is a “significant month-on-month increase”.
The spokesperson said: “Excise duty did not change during August, so what drivers are seeing at the pumps reflects global market conditions rather than any change in tax. Diesel has borne the brunt of it this month.”
He added there is “concern” in terms of “what comes next”.
The temporary reductions of 27 cents per litre on petrol and 32 cents on diesel, which includes the National Oil Reserves Agency Levy levy that was extended in June, will cease by the end of August.
From September there will be a phased restoration of excise duty on petrol and diesel, adding 9 cents to petrol and 10 cents to diesel.
The increases will be 8 cents for each in October, while November and December will each see increases of 5 cents for petrol and 7 cents for diesel.
“If wholesale prices hold where they are, motorists should plan for further increases through the autumn rather than expect this month to be the peak,” the spokesperson said.
AA Ireland reminded motorists that regular vehicle maintenance can improve fuel efficiency and reduce running costs.
“Simple checks such as maintaining the correct tyre pressure, servicing your vehicle regularly and replacing worn air filters can all help improve efficiency,” they said.
Opposition figures called on the Government to delay unwinding the tax reductions on fuel.
However, a spokesman for the Government said its package of support measures, which now totals over €1 billion, is “helping to reduce the cost burden at the petrol pump”.
“The current measures are deliberately time-bound and targeted — because our approach must be both responsive and responsible,” he said.
“Of course, as recent developments highlight, the situation remains fluid, and there will no doubt be further ebbs and flows before a new equilibrium is reached in global oil markets.”
