The Irish Petrol Retailers Association (IPRA) welcomed the Finance Ministers decision to postpone the excise increase that was due to be implemented on the 31st October.
The increase would have raised retail fuel prices by a further 8cpl on petrol and 6cpl on diesel.
IPRA spokesperson, David Blevings said, “IPRA wrote to the Minister pointing out the difficulties that the restoration of duty would cause on both consumers and retail sites near the border and we are pleased that he has decided to postpone the excise increase. Wholesale oil costs have increased significantly in recent months pushing retail prices higher and the delay in this increase will be welcomed by consumers and retail site owners close to the border.
If the increase had been applied, stations along the border could have seen their business decimated as we estimate a differential of up to 14cpl on petrol and 6cpl on diesel would have applied compared to retail sites in Northern Ireland. While the postponement is good news and short term relief for customers we would advocate that the excise structure requires a review to ensure stations near the border are competitive with retail sites in another jurisdiction and to mitigate against the current high costs for both businesses and consumers, added David.
Notes for Editors
The Government did recognise the impact that rising fuel costs would have on consumers and
introduced excise reductions of 21cpl on a litre of unleaded and 16cpl on diesel back in March 2022.
However, those cuts were set to end as the duty is reintroduced over a five-month period to the end of
October this year.
The first increase of 6cpl for petrol and 5cpl for diesel was introduced in June 2023 and the second increase on 1st September and 31st October saw rates increase by 7cpl for petrol.
and 5cpl for diesel. On 31st October the Government had planned to fully restore duty rates with a further increase of 8cpl for petrol and 6cpl for diesel.
The Irish Petrol Retailers Association (IPRA) is the industry body representing the interests of independent petrol retailers in Ireland.