All commercial customers should be aware of some impending changes to Government Legislation. The Department of Environment, Climate and Communications has announced an increase in the percentage of biofuel required in transport fuels, moving from 11% to 13%, which will affect your pricing from 1st January 2022 and will be added to Platts Assessments.
To meet the revised Government target of 13%, the industry will now require the use of advanced biofuels, such as Hydrotreated Vegetable Oil, in the product mix and we will be adjusting the pricing calculations formula to facilitate such. As biofuels trade at a premium to petrol and diesel, their inclusion at a greater rate means that the overall prices will increase.
The Department of Environment, Climate, and Communications has advised that they will be temporarily reducing Excise Duty on Diesel and Unleaded Grades by 1 cent per litre, and they will also be reducing the NORA Levy by 1 cent per litre. Both reductions are now confirmed to come into effect from 1st of April 2022.
If you have any questions, please contact your Account Manager.