Both petrol and diesel prices are set to rise by 2c in Ireland tomorrow due to legislative requirements to increase biofuel content, marking the fourth fuel price hike in just over a year. This rise reflects ongoing adjustments in excise and other fuel-related taxes, despite stable crude oil prices.
The December AA Ireland fuel price survey highlights that petrol prices have increased to an average of €1.74, while diesel prices rose to €1.71, showcasing a trend of rising costs despite some drivers expecting a stabilization following drops.
Industry sources attributed the rising cost of fuel to several factors, including increased shipping expenses due to unrest in the Middle East, higher refinery costs, and a weakened euro against the dollar, complicating the fuel prices for Irish consumers.
Previous hiked costs led to predictions from Fuels for Ireland indicating that over a period of time, these price increases could mean a cumulative rise of about 15c per litre for petrol and 12c for diesel, placing additional financial strain on motorists.
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