The soaring cost of fuel has been much documented in recent weeks, with the news this week that a filling station in Dublin recorded a petrol product at 200 cent per litre.
The Irish Independent reports that AA Ireland representatives noted the price of the premium petrol product at the Maxol M3 Mulhuddart service station in Dublin, on Wednesday of this week.
The AA said that the same filling station charged 192.5 cent per litre for a standard litre of unleaded petrol at the time of inspection, while premium diesel stood at 191.5 and 183.5 for a standard litre of diesel.
It's thought inflation, combined with the crisis in Ukraine, is leading to a rapid rise in fuel costs.
AA Ireland records record highs for 2021
Recently AA Ireland issued year on year statistics that showed a stark rise in the cost of filling your car.
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.
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.
