Government party leaders have agreed proposals that will see excise duty on diesel cut by 20 cent and by 15 cent on petrol until the end of May.
Tánaiste Simon Harris has also recommended a diesel rebate scheme for hauliers and bus operators, which will be backdated.
The overall package which will also include targeted energy supports for pensioners, carers and people with disabilities is set to cost €235m.
These excise measures will take effect from midnight tonight subject to a financial resolution being passed in the Dáil.
The Tánaiste will bring these proposals to Cabinet this morning.
On the fuel front, there is expected to be a pause of the National Oil Reserves Agency (NORA) levy for two months but this will require the passing of Legislation.
It is charged at two cents per litre on motoring fuel and home heating oil.
Once the legislation is passed, it would mean that there would be an effective cut in levies of 17 cent on petrol and 22 cent on diesel.
The Labour Party's Finance Spokesperson Ged Nash described the Government move as timid and anaemic.
"Two weeks of additional fuel allowance payments and a small reduction on prices at the pump won't cut it," Deputy Nash said.
"This crisis is likely to go on for some time, and we should start by extending the Fuel Allowance period by a month, reducing public transport fares by at least 10% immediately and enabling more people to work from home."
A Sinn Féin spokesperson said the party is "disappointed that the Government chose not go further considering the pressure households and businesses are under."
The spokesperson added the Government "have deliberately abandoned families dependent on home heating oil by refusing to remove the excise during time of crisis."
Sinn Féin will seek to amend this proposal in the Dáil today to get the maximum support for workers and families."
