The price of both petrol and diesel is expected to reach €2 per litre. The Irish Petrol Retailers Association (IPRA), representing 400 independent petrol retailers, has urged a delay in the planned hike set for next Friday, citing the financial struggles faced by families dealing with back-to-school expenses, grocery inflation, and higher mortgage rates.
The increase in pump prices has been attributed to rising crude oil costs, which can be partly attributed to Saudi Arabia’s supply restrictions.
David Blevings of the IPRA has called upon Taoiseach Leo Varadkar and Finance Minister Michael McGrath to suspend the next two excise-duty increases, warning that their implementation would result in diesel being €10 cheaper per full tank across the border than in the State.
To address cost-of-living concerns, the Government had temporarily reduced excise duties on petrol and diesel by 20c and 15c per litre, respectively, last year. These duties are being gradually restored to their original levels. The first increase of 6c per litre for petrol and 5c for diesel was implemented in June of this year, and two more increases are scheduled for September 1 and October 31. If fully implemented, next week’s hike will raise petrol prices by 7c per litre and diesel prices by 5c per litre. October’s restoration of duty rates will lead to an additional increase of 8c per litre for petrol and 6c for diesel.
Border garage owners warn that these increases will have a devastating impact on their businesses. Mr Blevings has called for a suspension in excise duty hikes until next year, emphasizing that the current economic climate is already straining families and businesses to the breaking point. He stressed that retailers of motor fuel are not profiting from the rising prices of diesel and petrol.
Terry Hughes, a forecourt owner in Ballyshannon on the Fermanagh-Donegal border, expressed his concerns, stating that he would have to close his business at the end of September, and predicting a bleak future for border fuel stations.
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