Ireland Cuts Fuel Taxes, Eases Pump Pain

0:00I'm Corey, with the story. That's your Europe news today update, AI-powered and always on. The Irish government is rolling out temporary cuts to fuel taxes starting in midnight tonight. Finance Minister Simon Harris has proposed slashing ex-size duty by 15 cents per liter on petrol and 20 cents on diesel. They're also pausing the 2 cents norra levy for total savings of about 17 cents on petrol and 22 cents on diesel. This change is aimed to ease the pain at the pumps and run until the end of May. This move comes amidst spiking fuel prices, now nearing 2 euros per liter, driven by global energy disruptions in the strait of hormones. Those issues echo the highs from the 2022 energy crisis after Russia's invasion of Ukraine. Drivers will feel real relief since taxes and levies make up roughly half the cost of a liter of fuel. All tax tweaks like this can quickly lower what people pay when filling up. Even if wholesale oil stays pricey.

1:00Beyond the pump prices, the package includes a diesel rebate for hauliers and bus operators backdated to January to keep supply chain steady. Extra supports for pensioners, carers, and those with disabilities are in the works too, with details coming soon. The cuts need quick approval from the Dale, and while the ex-size drop hits midnight, fuel effects might take days as stations use up existing stock. Officials plan a review by May's end to see what happens next.