The price of fuel will decrease by 7 cents as from next week, the government announced on Monday night as it unveiled its plan for economic regeneration.

This means that the price of petrol will decrease from €1.41 per litre to €1.34 per litre, while the price of diesel will decrease from €1.28 per litre to €1.21 per litre.

The price change will apply from Monday 15 June onwards.

It is one of a number of measures which were announced by the government on Monday evening, as the country moves into the phase of economic recovery from the effects of the Covid-19 pandemic.

The price change is the first revision since August 2019, when prices increased by 5 cents.

The reduction of fuel prices was one of the measures which several stakeholders, including the opposition, had called for during the pandemic, especially as oil prices plummeted across the world.

Follow the government's full announcement of its economic regeneration plan, here.