Petrol and diesel prices to rise from midnight as excise duty cuts reversed
Prices at the petrol pumps will rise from midnight.
Drivers will feel a pinch at the pumps from midnight as prices for petrol and diesel are to rise by 6c and 5c respectively on June 1.
It comes as the Government are reversing excise duty cuts which were brought in at the beginning of 2022 to help the public with spiralling costs.
The cuts totalled 21c per litre being taken off the cost of petrol and a 16c cut on diesel.
A phased restoration of previously reduced rates of excise on car fuel will take place in three stages over the coming months.
The first of those stages takes place from June 1 and will see diesel prices rise by 5c per litre and petrol prices rise by 6c per litre.
Another increase in excise duty is pencilled in for September 1. It will see another 5c added to a litre of diesel and 7c added to a litre of petrol.
The Government is then set to fully restore the rates on October 31, with a final increase of 6c for diesel and 8c for petrol.
A sharp rise in the price of crude oil could also lead to motorists paying more for their petrol by the end of the month.
