I will not go back to the previous question but I referenced that we are exploring all options for a funding model. That is the position. I will engage with Government colleagues on that.
The Government is conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT, amounted to 21 cent, 16 cent and 5.4 cent per litre on petrol, auto-diesel and marked gas oil, respectively. These temporary cuts to excise rates were initially due to end on 31 August 2022 but following review and monitoring of fuel prices, were extended until February 2023, with a phased restoration of rates in June and September 2023. A final restoration of excise rates was due to take place on 31 October 2023 but budget 2024 provided for a further extension until 31 March 2024, with phased restoration in April and August 2024. The first of these restorations took place on 1 April 2024, adding 4 cent per litre to petrol, 3 cent to auto diesel and 1.7 cent to marked gas oil.
The Government is conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022, in light of the acute impact rising prices were having on households and businesses, the Government provided for temporary cuts in excise rates which, inclusive of VAT, amounted to 21 cent, 16 cent and 5.4 cent per litre on petrol, auto-diesel and marked gas oil, respectively. These temporary cuts to excise rates were initially due to end on 31 August 2022, but following review and monitoring of fuel prices, were extended until February 2023, with a phased restoration of rates occurring in June and September 2023. A final restoration of excise rates was due to take place yn 31 October 2023, but Budget 2024 provided for a further extension until 31 March 2024, with phased restoration occurring in April and August 2024. The first of these restorations took place on 1 April 2024 adding 4 cent per litre to petrol, 3 cent to auto diesel and 1.7 cent to marked gas oil.
A number of factors affect the final retail price of fuels, including energy market dynamics, wholesale pricing, individual retail pricing policy, transport costs, exchange rate fluctuations and taxation. It is important to note that despite the restoration of excise rates in April 2024, national average retail prices have shown steady decreases in recent weeks. While national average prices in May 2024 were approximately €1.84 and €1.78 per litre for petrol and diesel, respectively, more recent prices as of 1 July were approximately €1.77 for petrol and €1.69 for diesel. While I recognise that households and businesses continue to face challenges, the Government must strike the appropriate balance between providing support and avoiding fuelling cyclical inflationary trends.
The Government has provided relief to consumers and businesses since 2022 through a number of support measures, including temporary reductions in excise. These measures were introduced as temporary support measures and involve an ongoing cost the Exchequer while they are retained. There are no current plans to change the planned restoration rates. I will, of course, keep this matter under review in the coming weeks.