There will be no major change to petrol and diesel prices on New Year's Day but motorists could face a double price increase early in 2023.
While the government didn't take measures in the Budget last September to increase fuel costs, their concessions to keep prices low are likely to be reversed before the summer.Minister for Transport Eamon Ryan has indicated that excise and VAT reductions at the pumps are likely to be reversed as early as March, meaning a noticeable increase in prices for drivers.
The average price of a litre of petrol is now below €1.60 per litre, a 17c drop since last month and the lowest average price for petrol since September 2021. It is the lowest price recorded in Ireland for diesel since February 2022, when the war in Ukraine broke out.