Finance Minister, Simon Harris is set to cut excise duty on diesel by 20 cent per litre and by 15 cent per litre on petrol until end of May in response to spiralling fuel prices.

In a win for hauliers, the Minister is set to increase in the maximum rebate allowable under the Diesel Rebate Scheme, which is administered by Revenue, to 12 cent per litre (from 7.5 cent per litre) until 30 June.

This will take effect immediately upon passage of a resolution in the Dáil and will be backdated to 1 January, at a cost of approximately €10 million.

This will mitigate the additional fuel costs currently being borne by hauliers and passenger transport operators.