Diesel has decreased by one cent, from €1.85 to €1.84 a litre, while petrol has decreased from €1.85 to €1.83 in September.

This follows a spike in pricing that occurred throughout the summer. Due primarily to the second tranche of Excise Duty restorations and a rise in the wholesale cost of fuel, September witnessed increases in petrol prices of €0.15 per litre and diesel prices of €0.21 cent.

AA Ireland noted that although prices have eased slightly into October, they remain elevated from May of this year when diesel averaged €1.47 per litre.

Blake Boland, Head of Communications with AA Ireland, said that fuel prices are still unsettled, with changes to taxes and duties having an impact.

“The recent budget announcements saw Carbon Tax increasing from €48.50 to €56 per tonne emitted. This had the effect of adding up to €0.03 per litre onto Petrol and Diesel. However, we did not see this following through to the cost at the pumps,” he said.

Additionally, he mentioned that this month's budget had excellent news about excise duties for drivers.

By the end of October, the government was supposed to reinstate the final round of excise duties, which would have resulted in an increase of €0.08 for petrol and €0.06 for diesel.

However, it was agreed by the government to delay the hike until well into 2024.

Nonetheless, the cost of crude oil is still high, at $90 per barrel, compared to $70 in the summer. Furthermore, the markets are uneasy about the potential effects of the Middle East's continuing political unrest in the upcoming months,” he continued.

Furthermore, as reported by AA Ireland, owners of electric vehicles have benefited more from recent reductions in the cost of power.

The typical electric vehicle (EV) user now pays €1,017 annually to fuel their vehicle for more than 17,000 km, thanks to pricing reductions made by major power suppliers in recent weeks.

This is in line with what one would spend for a comparable-sized diesel car that would travel the same distance for around €2,190.

It also said that those who can charge at home and benefit from extremely low night rates may be spending less than €300 per year for the 17,000 km national average.