37.—F43[(1) For the purposes of—

(a) meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, and

(b) contributing to the funding of the Climate Action Fund in accordance with this Act,

oil companies and oil consumers, shall, in accordance with this Part and the regulations under section 44 pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.]

F44[(1A) The rate of the levy shall be—

(a) other than during the period referred to in paragraph (b) and such further period as may be specified by order (if any) under subsection (1B), €0.02 per litre of relevant disposals of petroleum products, and

(b) during the period beginning on 1 April 2026, or on the date of the coming into operation of section 1 of the National Oil Reserves Agency (Amendment) Act 2026, whichever is the later, and ending on 1 June 2026, €0.001 per litre of relevant disposals of petroleum products.]

F45[(1B) Subject to subsection (1C), the Minister may, where he or she considers it necessary to do so, by order, reduce the rate of the levy referred to in subsection (1A)(a) to a rate specified in the order, for the period specified in the order.

(1C) An order under subsection (1B) shall have effect only during the period beginning on 2 June 2026 and ending on 31 December 2027.

(1D) A reference in this Act to the rate of the levy shall, where an order is in effect under subsection (1B), be construed as the rate of the levy specified in that order.]

(2) A relevant disposal of petroleum products is the volume (expressed in tonnes or litres) of petroleum products that in any month—

(a) in relation to an oil company, it consumes or it disposes of by sale or otherwise to persons in the State, and

(b) in relation to an oil consumer, it consumes in the State.

(3) No levy is payable by an oil company (other than an oil company operating an oil refining or oil storage facility in the State) or an oil consumer on its relevant disposals of petroleum products where the levy has been paid by the oil company from which it acquired the petroleum products.