Petrol costs rising again as “austerity” taxes remain on fuel

Petrol costs rising again as “austerity” taxes remain on fuel

Following four months of relatively low fuel costs the price of petrol and diesel is creeping up again.

According to the AA, a litre of petrol now costs an average of 129.1 cents while diesel is 113.2 cents a litre.

The price of diesel dropped below €1 per litre in early 2016, which was the lowest fuel had been since 2009.

According to The Examiner, the study shows a monthly €4.65 average has been added to the cost of filling up a car that runs on 150 litres of petrol a month, with a typical motorist spending around €193.65 per month on fuel.

Director of consumer affairs for the AA, Conor Faughnan, said that the global oil market’s fluctuations were “far removed” from the consumer.

“Much has been said about oil producers appearing to edge closer towards limiting their output and the growth in prices would seem to be reflective of recent headlines. Huge trades made on international exchanges are far removed from the consumer,” he said.

“In fact, you can sometimes see price movements even throughout a single day as trading can get spooked in response to headlines. It settles down on a longer timeline and, for now, we are only seeing the minor side effects of rumoured oil production limits.”

“The bigger issue is tax and of your €190 or so monthly fuel bill nearly €130 goes directly to the Government in tax. If oil pursues its current pattern we could see fuel prices continue to accumulate well into 2016.

“We would like to see the new Government remove the austerity taxes slapped on between 2008 and 2012 by their predecessors. This is nothing short of an anti-stimulus measure and is effectively taking money out of the pockets of consumers,” he said.

Meanwhile, researchers at Trinity’s CRAMM Institute have discovered a new material which will increase the adoption of hydrogen as a fuel.

The University Times reports that ever-pressing matter of finding sustainable and inexpensive alternatives to fossil fuels lead the team of Trinity scientists to develop the new material.