Plan to cut fuel excise duties to go before Dáil
It is expected that a proposal will go before the Dáil today that will cut fuel costs through a reduction in excise duties.
The changes would then take effect from midnight if, as expected, the Dáil passes the financial resolution.
Work was ongoing at the Department of Finance late last night on proposals to decrease the excise duties on fuel.
European Commission proposals on the issue were assessed but the Government does not need the Commission’s agreement to make changes.
An incorporeal Cabinet meeting will be held this morning to sign off on the measures, which will be put forward by Minister for Finance Paschal Donohoe.
It is expected to lead to a reduction in the cost of petrol and diesel of between 15 to 20 cent per litre at the fuel pumps.
However, Sinn Féin has called for measures that would result in a 25 cent cut per litre of diesel and petrol.
The party also wants any cuts capped at €1.75 per litre to ensure the reductions are not quickly eroded.
Amid warnings to the Government about the economic impact of war in Ukraine on this country, senior figures in the coalition have insisted there is no prospect of short-term rationing of gas and electricity.
However, they said that all energy resources are now very precious and planning for “scary” scenarios has to take place.
The State currently maintains a 90-day reserve of crude and refined oil product.
On cyber security, Ministers were told that the National Cyber Security Centre (NCSC) has engaged extensively across Government Departments and with Operators of Essential Services before and since the invasion of Ukraine by Russia.
There is ongoing engagement with similar capabilities across the EU, UK, and US.
On the economy, Government was told the impact of sanctions had created volatility on energy prices across the globe.