A drop in the cost of crude oil is not being reflected in fuel prices for consumers at the pumps, according to the Aontú leader.
“Recently, we’ve seen the cost of crude oil plummet. This Wednesday (June 22) alone, oil prices tumbled by over 3%,” Peadar Tóibín said.
“Despite this, we’re still seeing fuel prices at 220.7c/L in some service stations this month. The reality is the cost-of-fuel crisis is being caused by a mix of profiteering and over taxation.
“People are paying up to €120 to fill their car with fuel. €50 of this going straight to the government in tax,” the Meath West TD continued.
Tóibín claimed that the government is now making more on fuel tax than before the current cost-of-living crisis, which he described as “scandalous”.
“The government has four taxes currently placed on fuel – excise duty, carbon tax, the National Oil Reserves Agency (NORA) levy and VAT.
“Excise duty alone adds 52c. With tax accounting for 46.09% and 41.47% for petrol and diesel respectively, we can’t allow the government to hide behind the excuse that this crisis is out of their hands,” he stated.
“Between allowing private profiteering [and] being afraid to stand up to the EU on VAT the government must stop using excuses to avoid tackling this crisis,” the Aontú leader added.
“Over the past few months, I’ve heard heartbreaking stories of families put under immense stress because of the cost of fuel.
“This is cutting families and commuters to the bone. They’re losing money hand over fist. The government must reduce fuel tax,” Tóibín concluded.