Fuel prices have fallen to their lowest level since well before the Russian invasion of Ukraine.

The latest AA fuel prices survey shows the average price of petrol across the country is now €1.59 per litre – down 3.6% on last month.

Meanwhile, the average price of diesel is now €1.51 per litre, which is down 9% on last month.

Prices at the pumps for both fuels have not been this low since September 2021, well before the outbreak of the Ukraine War.

Fuel excise

AA Ireland spokesman Paddy Comyn said the low prices are unlikely to last for long – with reductions in excise on petrol and diesel to be phased out from June.

The phased restoration of the taxes will take place in three stages over the coming months.

The reintroduction will see 6c added to the cost of petrol and 5c added to the cost of diesel from June 1st.

On September 1st, the rates will increase by 7c for petrol and 5c for diesel.

CF42YE Hand Holding a Petrol Pump Nozzle Silhouetted Against a Dark Cloudy Sky.

The Government will fully restore the rates on October 31st, with a final increase of 8c for petrol and 6c for diesel.

“Motorists won’t be able to enjoy these prices for too long,” said Mr Comyn.

“We already know that unless prices fall again, then petrol will be back up to around €1.80 per litre and diesel to €1.76 per litre by the end of October – which were the same as at the start of the Ukraine conflict.”

Electric

Meanwhile, EV drivers are paying almost identical amounts this month as electricity prices remain elevated.

The average EV driver is paying €1,131.04 to charge their car over the course of the year, down from €1,138.13 in the previous month.

Those that are taking advantage of Smart Meters and cheap night rates are paying as little as €421.43 to cover the same 17,000km distance.

Those that are charging exclusively on public chargers could be paying up to €2,150.27 per year.

With wholesale gas prices falling in recent months, electricity prices should fall in the longer term.