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Relatively Steady Fuel Prices

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Clarity needed for motorists as the Automobile Association look deeper into the proposed reintroduction of duties on petrol and diesel, which would see the average tank of a fuel increase by €10 per tank at the end of this month. According to the latest AA fuel prices survey, fuel prices remain relatively steady across the country. The average petrol price across the state is €1.65 in February, 2.5% more than in January 2023. Diesel fuel in February has dropped slightly, with the average at €1.68, 1.7% less than in January 2023. The average petrol driver now spends around €2,003 per year on fuel*, the average diesel buyer €1,680 and the average EV driver €1,306** (on electricity), meaning EV driving costs around 34% less than running an equivalent petrol vehicle when it comes to fuelling.

The latest prices remain pretty stable, despite introducing an EU-wide ban on importing Russian oil products, which came into effect on February 5th. The government is also due to end a reduction on duty on petrol and diesel at the end of February. The proposed cessation of the excise duty on petrol and diesel at the end of February will increase fuel prices by 15 cents per litre for diesel and 20 cents per litre for petrol. The AA Ireland calls for this increase to be staggered to avoid difficulties at fuel stations.

“We will soon see the introduction of a new fuel blend to Ireland, E10, and we have been told nothing about its introduction. A recent AA Ireland Twitter account survey showed that 91% of respondents had never heard of the fuel. Also, we need clarity around the possible switching off the excise duty reductions overnight will inevitably lead to anxiety leading up to the end of February, which could lead to tailback filling stations or pumps running dry in certain areas. A more prudent approach would be to stagger this over two to three months,” adds Comyn.

The AA has calculated a diesel car will travel, on average, around 850km on a tank vs 700km in petrol, which is why even though diesel is more expensive, the consumer is still likely to use less of it for the same average 17,000km per year.