Cut in Fuel Prices Expected to be Agreed Today

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Prices for fuels are expected to be cut from midnight tonight (Wednesday) if a proposal to be presented in the Dáil today is agreed.

The government approach is to reduce the excise duties on oil, petrol and diesel.

European Commission proposals on the issue were assessed but the government does not need the Commission’s agreement to make changes.

The proposal being developed by Finance Minister Paschal Donohue is expected to lead to a reduction in the cost of petrol and diesel of between 15 and 20 cent per litre.

However, Sinn Fein has called for measures that would see prices at the pumps fall by 25 cent per litre of petrol and diesel.

The party also wants any cuts attached to a price of €1.75 per litre to ensure the reductions are not quickly eroded and for excise duty to be removed entirely from home heating oil.

The party also want excise duty to be reduced further in line with further price rises to stabilize prices for consumers.