The price of petrol and diesel will go up tonight as a carbon tax hike was confirmed in the Budget today.
Finance Minister Paschal Donohoe announced the €6 jump per tonne, meaning fuel prices will rise by roughly 2c per tank while refilling a car, priced at €1.20 for a regular 60 litre tank from midnight.
It also means:
Home heating and coal levies are postponed until next May “after the winter season”
The new carbon tax hike will raise €90million in a year, and
- Some of the carbon tax will be earmarked to help Bord na Mona unemployed.
Meanwhile, Minister Donohoe announced a "Brexit Package" of €1.2bn - excluding funding from the EU.
€200m has been made available for next year, allocated across a number of departments and agencies to ensure we are ready for Brexit.
Commenting on the impact of a no-deal Brexit, Mr Donohue said there will be a slower pace of economic and employment growth but that he expects that 19,000 new jobs will be created next year.
He also made it clear that while a no-deal Brexit looks likely for now, that it is not inevitable.
He said plans to put €500m into the Strategic Investment Fund will not happen due to Brexit.
€1.5bn will be transferred to the Rainy Day Fund, given that a No-Deal Brexit is likely.
Minister Donohoe said: "The budget I am announcing today is designed to protect recent progress in our economy.
"It will act as a bridge to a better future for our country. Crucial to this will be how we manage our public spending."
Here's what is included in the Brexit package:
- €220million ready straightaway if no-deal Brexit happens on October 31
- €110million for the agriculture sector
- €40million for tourism
- €365 million for longer dole queues, and
- €390million will be set aside for unknown Brexit contingencies.
