A significant carbon tax hike was confirmed in Budget 2020 earlier today, meaning home heating fuel costs are set to rise.
Finance Minister Paschal Donohoe revealed the €6 jump per tonne in his announcement in the Dail this afternoon.
And the price of petrol and diesel will go up tonight, meaning fuel prices will rise by roughly 2c per tank while refilling a car.
However, home heating and coal levies have been postponed until next May “after the winter season”.
Minister Donohoe added that the new carbon tax hike will raise €90million in a year, and some of the 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.
