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Fuel prices fall again on the eve of signalled restoration of fuel duties - AA Ireland. Fuel prices fall again on the eve of signalled restoration of fuel duties - AA Ireland.

Fuel prices

Fuel prices fall again on the eve of signalled restoration of fuel duties - AA Ireland.

Published 16th May 2023Read Time 4 min

According to the latest AA fuel prices survey, fuel prices have fallen again slightly but are set to increase by 6 cents per litre for petrol and 5 cents per litre for diesel on the 1st of June. The average petrol price across the state is €1.57, the lowest since September 2021. Diesel fuel has dropped in price again compared to last month, with a 2.6% drop, to an average of €1.47 per litre. Diesel has not been cheaper in Ireland since September 2021.

"Prices continue to shrink across the country in May for both petrol and diesel, but the start of the reintroduction of excise duty will increase petrol by 6 cents per litre and diesel by 5 cents per litre on June 1st, with more to follow", said AA Ireland's Head of Communications, Paddy Comyn.Β β€œIf fuel prices remain the same, these increases will see petrol costs increase by 3.8% and diesel by 3.4% on June 1st. We have known about it for some time, but it will come as another unwelcome increase for motorists after enjoying a period of reasonably stable fuel prices,” adds Comyn.

Following the June 1st increase, on the 1st of September, these rates will increase by 7 cents for petrol and 5 cents for diesel. The Government will fully restore the rates on the 31st of October with a final increase of 8 cents for petrol and 6 cents for diesel.

Meanwhile, EV drivers are paying almost identical amounts this month as electricity prices remain elevated. The average EV driver is paying €1,131.04 to charge their car over the course of the year, down from €1,138.13 in the previous month.

However, those taking advantage of Smart Meters and cheap night rates pay as little as €421.43 to cover the same 17,000km distance. Those charging exclusively on public chargers could pay up to €2,150.27 annually.

With wholesale gas prices falling in recent months, EV drivers anxiously await a corresponding drop in electricity prices. Continued volatility in global markets and more long-term hedging means these prices may take some time to pass on.

AA Ireland Members can avail of 3 cents off a litre from Circle K via the AA Ireland App.

*AA calculates a diesel car will travel, on average, around 850 km on a tank vs 700 km on petrol, which is why even though diesel is more expensive, the consumer is still likely to use less of it for the same average 17,000km per year.

Colorful petrol and diesel nozzles of the dispenser machine at the gas fuel station
Colorful petrol and diesel nozzles of the dispenser machine at the gas fuel station | Photographer: Iryna Melnyk | Copyright: Iryna Melnyk

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