Ireland Cuts Fuel Duties to Ease Price Surge

The Irish government announced a package of emergency measures on Tuesday to ease the burden of soaring fuel prices, including cuts to excise duties on diesel and petrol amid escalating tensions in the Middle East. The initiative, agreed upon by coalition leaders the previous evening, aims to provide immediate relief to households and businesses facing sharp increases in energy costs triggered by the conflict involving Iran, the United States, and Israel.

Effective from midnight on Wednesday and lasting until the end of May, the excise duty on diesel will be reduced by 20 cents per liter, while petrol will see a 15-cent cut. Combined with a two-month suspension of the National Oil Reserves Agency levy, charged at two cents per liter on motoring fuels and home heating oil, the measures translate to an effective levy reduction of 22 cents on diesel and 17 cents on petrol. The overall package, estimated to cost between 235 million and 240 million euros, also includes a backdated diesel rebate scheme for hauliers and bus operators to support supply chains, as well as an extension of the weekly 38-euro fuel allowance by two weeks for vulnerable groups such as pensioners, carers, and...