Wednesday, August 22, 2012

Record fuel prices could be tackled by government –O’ Súilleabháin

The record prices for petrol and diesel we are seeing at the pumps could be tackled with realistic swift action by the government according to the spokesperson for the local branch of Sinn Féin. Fionntán O’ Súilleabháin said that the government could no longer put off cutting excise duty on fuel. According to AA Ireland 60% of the price paid for fuel at the pump goes back to the government in tax.

The biggest cause of why petrol and diesel is reaching such high prices at the pumps is our government’s reliance on revenue generated by taxes and levees on fuel,” Mr O’ Súilleabháin said. “Petrol has hit €1.70 a litre at many pumps, while diesel has reached €1.60 a litre. Out of this, AA Ireland estimates that 60% goes back to government in tax and levees.”

“This government has often highlighted just how important our exports are to our economy. In fact they have suggested that economic recovery will come on the back of rising exports. How can an export industry thrive when fuel prices are hitting such heights?”

“How can our farmers reach the ambitious targets set out in the Food Harvest 2020 document when rising fuel prices are making the needed developments impossible? How can our economy recover when rising fuel prices are bankrupting businesses, leading to further unemployment?”

“In last December’s budget Fine Gael and Labour added 1c on a litre of fuel. In the three years before that Fianna Fáil added 14c onto the price of a litre of petrol and diesel. Clearly there is room for the government to lower the excise duty and VAT on petrol and diesel in the interest of economic stability and recovery.”

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