· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Irish Independent or enjoy below:
🗞️ Driving the news: A delayed carbon tax hike on petrol and diesel in Ireland takes effect from midnight, adding 2.1c per litre of petrol and 2.5c per litre of diesel
• Ireland already has some of the highest fuel prices in Europe, and this increase follows a rise in crude oil prices amid Middle East tensions
🔭 The context: The Irish government has committed to raising the carbon tax to €100 per tonne by 2030 as part of its climate goals
• This latest increase raises the carbon tax to €63.50 per tonne of CO2
• Fuel prices had already been impacted by a restoration of excise duty in August, adding further strain on motorists
🌍 Why it matters for the planet: The carbon tax is designed to discourage the use of fossil fuels, reduce carbon emissions, and encourage a shift toward sustainable energy sources
• However, it raises concerns over the affordability of fuel for consumers, particularly as global oil prices rise
⏭️ What's next: Fuels for Ireland, an industry group, is calling for the establishment of an expert group to review fuel taxation policies, aiming to balance carbon tax objectives with keeping fuel costs manageable for the public
💬 One quote: “This latest rise in carbon tax will mean Irish motorists will have the most expensive diesel in the EU” — Kevin McPartlan, Fuels for Ireland
📈 One stat: Brent crude oil has risen by $10 in the last week to $80 a barrel, further driving up fuel prices
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