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20 cent reduction on petrol and diesel prices on the way as government to change excise duty

Petrol Diesel Prices

Motorists can expect so see petrol and diesel prices fall from midnight following a change in excise duty.

The government is set to announce a reduction in the tax on fuel today that will come into place immediately.

It is reported that this change will remain in place until August in a bid to combat the spiraling cost of filling your vehicle.

The reduction will be 20 cent per litre on petrol and 15 cent per litre of diesel.

A cut of 2 cent per litre on green diesel has been agreed.

The reduction will be in place until 31 August and will cost €320 million.

The move will be agreed by Cabinet today and then brought before the Dail.

It comes as the war in Ukraine, coupled with already rising inflation, have created a storm.

Petrol and diesel prices topped €2 per litre for the first time ever yesterday and some filling stations were even more expensive.

Recent analysis by the AA in mid-February put the average cost of a litre of petrol at 177.3c and diesel at 167.7c, meaning it has risen yet further already this year.

Every 10c increase at the pump adds €120 to the annual cost of filling your car.

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