Fuel costs have reached record highs with increases of 17% in the last year, according to AA Ireland.
The national average price of fuel currently stands at 177.3 cents per litre for petrol and 167.6 cents per litre for diesel. This is an increase of 33% for petrol and an increase of 34% for diesel in the past year.
In February 2021, fuel prices were 133.8 cents per litre for petrol, with diesel at 124.9 cents per litre. In February 2020, petrol stood at 141.9c, with diesel at 133.4c.
AA Ireland says the latest figures are the highest prices it's seen since it started recording figures over 30 years ago in 1991.
A recent AA Ireland Twitter poll found that 84% of people have been ‘significantly impacted’ by the high cost of fuel in Ireland.
Cost of filling your vehicle
Figures are based on the average mileage of 17,000km per year, a 50-litre fuel tank and a travel range of 700km per tank.
In 2020, filling your petrol car cost €64, while the average price per litre stood at €1.28. This cost you €1,554 to fill your car across the year.
In 2021, the cost of filling your petrol car amounted to €75.50, when the average petrol price was €1.51. This amounted to €1,833 for the year, a €279 increase compared to 2020 (+18%).
So far in 2022, the average price of petrol stands at €1.77 per litre, so it will cost you €88.50 to fill your vehicle. This would cost you €2,149 for the year and is a €595 increase on 2020 figures (+38%) and a €315 increase on 2021 figures (+17%).
60% of the price paid at the pump is tax.
These taxes include:
- Excise, which is a duty that is added to the sale of mineral oils, cigarettes and alcohol. It is a fixed amount that is charged per litre and hence does not change as the price fluctuates. Carbon Tax is effectively the same although it is calculated per ton of CO2 generated. This increased in Budget 2022.
- National Oil Reserves Agency (NORA) is a tax that is added to all oil fuels to ensure that Ireland meets its EU obligations of keeping a 90 day stock of oil in the event of a shortage.
- VAT (23%) is a general tax placed on almost all goods and services sold
Late last year, inflation hit a record high. More here.
