Effective from midnight tonight, motorists will witness a notable surge in the cost of petrol and diesel as the Government begins to reverse its previous cuts on excise charges. Petrol prices are set to rise by six cents per litre, while diesel prices will increase by five cents. Agricultural diesel will also experience a one-cent hike.

In response to the escalating fuel prices, the Government took action in March of the preceding year by reducing the excise duty on fuel. This resulted in a significant reduction of 21 cents per litre for petrol and a 16-cent cut for diesel. However, these reductions are now being rolled back, with the changes taking effect from tonight.

Although the excise increase will become legally binding at midnight, fuel retailers are not immediately required to adjust their retail prices. This is due to the fact that excise charges are imposed on the fuel supplies purchased by filling stations, and the existing forecourt supplies have already been subjected to the lower excise rate.

Further excise increases are planned for September 1st and October 31st, as part of the ongoing process to fully restore the fuel excise levels to those of early 2022.