Petrol has breached the €2-per-litre ceiling

Fuel prices remain volatile since the Russian invasion of Ukraine

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7 June 2022 | 0

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Petrol prices have reached the €2-a-litre mark at filling stations across Ireland as inflation hits a near 40-year high.

Prices stand at a national average of €1.91 per litre, while diesel prices have fallen back slightly at €1.94 per litre. The price of diesel increased by 41% in the last 12 months, however the price of petrol jumped 31%.

The war in Ukraine has been driving up food and fuel prices globally. Oil prices jumped further after EU leaders reached an agreement to ban 90% of Russian crude oil by the end of the year.

“Prices will go up. We don’t have specifics on by how much,” Taoiseach Micheál Martin said at a recent EU summit meeting in Brussels. He added that we are entering a different era in terms of pricing around fossil fuels.

The government has cut rates of duty on fuels to help motorists save money which has equated to 20c for every litre of petrol and 15c for every litre of auto diesel, with a proportionate 2c reduction for excise on green diesel, which came into effect in early March.

Still as prices continue to rise, union leaders have vocalised demands for pay rises to meet soaring living costs.

 

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