Fuel Tax cuts to take effect from midnight
Fuel tax cuts will take effect from 12am on Wednesday, March 25, the Government has confirmed.
As part of this Government response, there will be multiple reductions, including a cut to the Nora levy, excise duty, and a diesel rebate scheme.
It is expected that the entire package will total around €240 million.
The measures will see excise duty on diesel and petrol cut until the end of May, with diesel cut by 20 cent and petrol by 15 cent.
The reduction of the Nora levy will see 17 cent on petrol and 22 cent on diesel.
As well as this, there will be a diesel rebate scheme, aiming to alleviate the pressure on hauliers and transport operators.
The Diesel Rebate Scheme will rise from 7.5 cent per litre to 12 cent per litre, and this will take effect from June 30.
Speaking to RTÉ this morning, Tánaiste Simon Harris said, “We have to be nimble in our response, so providing a window of clarity, but also keeping it under review and making sure we have the flexibility as a country to amend, respond, revise as this economic challenge unfolds.
“Then you look at the volatility yesterday alone, and the most irresponsible thing a Government could do, but the worst thing we could do for the Irish people is sign ourselves up to a load of measures that may actually be the wrong ones by the end of May.
“But I do think these two measures in terms of excise on petrol and excise on diesel will make a real difference.”