The current reductions on petrol and diesel have been extended until 1 September 2026, coalition leaders decided on Monday evening.

Cabinet is to consider the measures on Tuesday.

The excise cuts are worth 27c/l on petrol, 32c/l on diesel and 7.4c/l on green diesel and were due to expire on 31 July.

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The current measures in relation to excise duty will be maintained until 1 September 2026 and the previous rates will then be gradually restored over the following four months.

Green diesel quotes have reduced in recent weeks, with quotes last week for bulk quantities (1,000l-plus) averaging €1.10/l, including VAT.

Prices

Those buying volumes exceeding 5,000l were doing deals for as low as €1.06/l, including VAT.

The previous week, quotes had dropped by as much as 8c/l to lows of €1.12/l following the announcement of a peace deal between the US and Iran to end the war in the Middle East, with lows of €1.10c/l including VAT reported.