From today, January 1st - the price of petrol and diesel is to increase by two cent per litre.
The jump in price comes due to rules stating that the proportion of biofuels in petrol and diesel has to go up from 2025 onward.
Under the legislation, the proportion of biofuels in petrol and diesel delivered at pumps is rising.
The new price hike is the latest cost increase of motor fuel in just over a year.
The most recent of these increases came in the October budget, which included a carbon tax rise.
Before that, there were two price hikes in excuse duty to restore the excise to its full rate.
Independent TD Mattie McGrath says there's no relief for the hapless motorist:
'It's a continuous attack on the motorists as we start 2025. No relief for the helpless Motorist - this obviously was a third increase now in excise Duty that they had removed during the time of crisis with cost the fuel from Ukraine and everything else, but now it's continuous and I fought against this and each one is having a definite impact on motorists'.
Industry group Fuels for Ireland had previously estimated that the four rises will add about 15 cent to the cost of a litre of petrol. And it should add about 12 cent to the cost of a litre of diesel.
In December alone, fuel prices at the pumps rose despite the cost of crude oil staying steady.
This means that December was the third month in a row to see rising costs at pumps around the country.
Before that, motorists had seen three months of prices falling steadily.
However, fuel retailers and distributors have denied that there is any profiteering involved in the industry.
An AA Ireland fuel price survey for the month of December found that petrol prices had risen by one cent.
This meant that the average cost for a litre of petrol was €1.74 in the weeks leading up to Christmas, when the survey was published.
And they found that diesel prices had increased by three cent, meaning the cost of a litre was €1.71 on average.
Industry sources said that rising shipping costs were the reason for the fuel price increase.
They blamed unrest in the Middle East where refinery costs are also up.
And the lower conversion rate of the euro against the dollar makes the import of crude oil into the country more expensive.
At the time, both petrol and diesel cost about €2 per litre.
In August of 2024, the excise was restored to the original rate, adding about four cent to the price of a litre of fuel.
Independent TD Mattie McGrath says there's no relief for the hapless motorist.
It's a continuous attack on the motorists as we start 2025. No relief for the helpless Motorist - this obviously was a third increase now in excise Duty that they had removed during the time of crisis with cost the fuel from Ukraine and everything else, but now it's continuous and I fought against this and each one is having a definite impact on motorists
