Minister for Enterprise Peter Burke has hinted that government may postone plans to phase out excise cuts on diesel and petrol starting in September.

Speaking on Thursday, the Minister said the initial timing for the phasing out of the excise cut – which came as part of €750m in industry supports and cost-of-living measures – was devised when the outlook over the Middle East conflict “looked more positive”.

However, he said the situation had “deteriorated significantly from then” and “nothing can be ruled out at this juncture” when asked if the phase-out could be pushed back.

Mr Burke said: “If you look at the price of marked gas oil/green diesel, it was retailing about net 94 cents a litre – it’s up at €1.24 now, and that’s about a 30% of an increase on net effect – which is pretty significant for the agri-economy, and indeed in the wider economy – when you look at the work that we’ve brought forward, over a billion euro now in reductions.

“So we’re currently actively reviewing it.”