Exact date petrol and diesel prices will rise again as drivers fear €2 surge
Michael McGrath acknowledged the “volatility” of oil prices
Finance minister, Michael McGrath, has announced that the final reversal of excuse duty cuts on petrol and diesel will be “kept under review”
The final reversal is due to come in on Thursday, August 1.
As he acknowledged the “volatility” of oil prices, Mr McGrath told media last week that this will be kept under review.
This comes as prices at have dramatically risen to an average of €1.85 per litre of petrol, and €1.80 for diesel.
Speaking to reporters last Thursday, Minister McGrath said: “For a period of time a barrel of oil was hovering at around $80. It crept up towards $90 and now it’s fallen back down again in recent days.”
Mr McGrath added: “Of course, the wider geopolitical environment and the conflict that we're seeing in parts of the world, including the Middle East is feeding into that volatility.
“The commitment I've given is that I will keep the issue under review. The final phase of the restoration of the excise reduction falls on August 1, so that issue will need to be considered closer to the time.”