Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Government provided significant reductions in excise in 2022. Those reductions were absolutely warranted and justified by the circumstances at the time. There was a very significant energy price shock and the cost of a litre of fuel was between €2.10 and €2.20 at that point. The situation is volatile. The cost of a barrel of oil is fluctuating and has moved back up towards $90 per barrel. There are lots of different factors that feed into the final price that a consumer pays at the forecourt. I gave a commitment in my concluding remarks earlier to keep the situation under review in the lead up to the planned final phase of the restoration that is due to happen at the beginning of August. This is the restoration of a cut in excise that the Government had implemented to provide relief to businesses and households back in 2022.

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