Fuel prices set to soar as excise comes to an end

The end of the fuel excise discount will hit millions of motorists, while consumers may face the added impact of higher food prices due to increased transport costs.

Fuel taxes were reduced by 32c a litre from the start of April in response to soaring oil prices due to the conflict in Iran.

The discount was wound back to 16c from the start of July, before ending altogether after Sunday.

While the latest price increases could take time to filter through to bowsers, petrol costs have already risen by an average of more than 40c a litre since the end of June. #fuel #petrol #oil #fuelexcise #middleeast