Finance Minister Michael Noonan has said Fianna Fáil are living in "economic dreamland" after the party proposed a 5c-per-litre reduction in fuel prices.
Mr Noonan said the move would take €150m out of the economy.
Fianna Fáil is to propose emergency legislation in the Dáil today, calling for a 4c-per-litre cut in excise duty and a consequent 1c-per-litre reduction in VAT.
The average cost of a litre of petrol is €1.65, while diesel is approximately €1.56.
Mr Noonan accused Fianna Fáil of hypocrisy in making the proposal.
"Fianna Fáil in government some years ago made an agreement in Europe that when there were spikes in the price of diesel and petrol, that governments would not react by making adjustments, but over the cycle they would (instead) allow the prices to come down again," he said.
"We're (now) tied into commitments in Europe not to make temporary adjustments.
Read more: http://www.breakingnews.ie/ireland/noonan-ff-fuel-cuts-proposal-from-economic-dreamland-548770.html#ixzz1sxz3XQ00
Mr Noonan said the move would take €150m out of the economy.
Fianna Fáil is to propose emergency legislation in the Dáil today, calling for a 4c-per-litre cut in excise duty and a consequent 1c-per-litre reduction in VAT.
The average cost of a litre of petrol is €1.65, while diesel is approximately €1.56.
Mr Noonan accused Fianna Fáil of hypocrisy in making the proposal.
"Fianna Fáil in government some years ago made an agreement in Europe that when there were spikes in the price of diesel and petrol, that governments would not react by making adjustments, but over the cycle they would (instead) allow the prices to come down again," he said.
"We're (now) tied into commitments in Europe not to make temporary adjustments.
Read more: http://www.breakingnews.ie/ireland/noonan-ff-fuel-cuts-proposal-from-economic-dreamland-548770.html#ixzz1sxz3XQ00
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