|Price before taxes are added||85.51c||99.21c|
|Breakdown of taxes x 3:|
|1. Excise (including carbon)*||37.92c||30.38c|
|3. VAT (23%)||31.06c||32.82c|
|Average price of a barrel of oil (accurate as of 15th April)||$85||$85|
|Currency exchange rate – US$1 to Euro (accurate as of 15th Aug)||€0.91||€0.91|
|Tax as %||58%||53%|
Click here for historical Irish fuel prices (PDF)
* Excise is a duty that is added to the sale of mineral oils, cigarettes and alcohol. It is a fixed amount which is charged per litre and hence does not change as the price fluctuates. Carbon Tax is effectively the same although it is calculated per ton of CO2 generated. It works in precisely the same way as excise duty and really has nothing to do with carbon, and in fact data from Revenue normally lists Excise Duty and Carbon Tax together as one total.
** National Oil Reserves Agency (NORA) is a tax that is added to all oil fuels to ensure that Ireland meets its EU obligations of keeping a 90 day stock of oil in the event of a shortage.