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Cabinet Signs Off To Cut Excise On Fuel From Midnight Tonight

File image: Rolling News

Oil prices are spiralling globally.

Cabinet ministers have signed off on a cut in excise duty on petrol and diesel.

There'll be a 20 cent per litre reduction on petrol and 15 cent a litre on diesel.

Green diesel will be cut by 2 cent a litre.

The changes will take effect at midnight.

It will be a limited time move, likely for six months, before being reviewed in the budget.

While it should make an immediate impact, sources warned it may not last long, with global supply pressures likely to undo the impact of this measure in a matter of weeks.

Cuts to VAT may be considered later this week, with the Government waiting for the EU to issue advice to member states.

We are in a 'war time scenario' and the old rules are out the window.

That's the view of the Public Expenditure Minister as the Government prepares to introduce a cut to excise duty on petrol and diesel, but opposition parties say the planned cut of 15 to 20 cent per litre isn't enough.

However Minister Michael McGrath says the Government will keep measures like this under review:

 

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