"Hikes of up to 26pc in heating oil in the past four days have been reported, sending the price of 500 litres up by €100 or more, while sharp rises have also been seen at the petrol and diesel pumps."
"There is no excuse for prices going up at the pump yesterday or indeed anywhere as our oil is coming from the North Sea. We don't want anyone taking unfair advantage of consumers and people because of the conflict in the Middle East."
"Given the fact that people have an adequacy of supplies right now and given that a lot of our oil is coming from the North Sea, which comes from Norway, there shouldn't be these kind of increases that people have been commenting on yesterday."
Home-heating oil prices increased up to 26% within four days following Iran-related tensions, with 500-liter quantities rising by €100 or more. Sharp increases also appeared at petrol and diesel pumps. The Taoiseach rejected implementing emergency excise duty cuts similar to those introduced after Russia's Ukraine invasion in March 2022. Government officials requested the Competition and Consumer Protection Commission investigate potential unfair pricing practices. Oil distributors and petrol retailers denied price gouging. The Taoiseach emphasized that Ireland's oil supply from the North Sea remains adequate, suggesting price increases lack justification. The industry representative challenged the government's assessment of market conditions.
#fuel-price-increases #price-gouging-investigation #energy-market-regulation #consumer-protection #geopolitical-impact-on-energy
Read at Irish Independent
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