Prices are falling as a result of increased capacity at worldwide refineries. More oil can be processed easily as more facilities go online. It is anticipated that this will enhance oil availability and reduce prices.Petrol and diesel prices hit record highs in Ireland and across Europe this year. It was caused by the covid crisis and Russia's attack on Ukraine.
However, given that taxes make up more than half, it is unlikely that this decrease in fuel prices will have a big impact on the bottom line. Only if there is a reduction in this tax will the average person feel this reduction. The cost of electricity and gas in Ireland, as well as residential heating costs, are predicted to stay high even if the price of oil declines.
In April, the government reduced the excise duty. VAT will be increased as international oil prices rise. It remains constant at 80 cents per liter of diesel. There are also indications that the excise tax may be restored in view of the fall in oil prices.
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