Cabinet has signed off on a significant cut to excise on fuel this morning.
Cabinet confirming a 20c a litre cut to petrol and 15c to diesel from midnight pic.twitter.com/1HGtD62j4Y
— Seán Defoe (@SeanDefoe) March 9, 2022
The changes will come into effect from midnight and result in a drop of 15 cent a litre for diesel and 20 cent a litre for petrol.
This is the same sign this morning and this evening in Dublin. This is the first time I’ve seen petrol cost over €2/litre here.
I’ve noticed a few US tweets remarking how gas/petrol had gone over $4 gallon. An FYI for my US friends: €2/litre is $10/gallon. pic.twitter.com/5xkxqxI0vZ
— Jason Carty (@Doctor_J_) March 8, 2022
The move to reduce the tax will be done swiftly, minister will met this morning, and it is to be formally signed off on by the Dáil.
It is however a limited time move, lasting six months, before being reviewed in the budget.
While it should make an immediate impact, sources warned it may not last long, with global supply pressures likely to undo the impact of this measure in a matter of weeks.
Cuts to VAT may be considered later this week, with the Government waiting for the EU to issue advice to member states.
