Concerns escalating over potential surge in Mayo fuel prices to €2 per litre

The Competition and Consumer Protection Commission (CCPC) need to quickly look into and establish if there is price gouging or price fixing across the Irish fuel market as a result of the conflict in the Middle East, an Oireachtas representative has stated.

There are reports indicating a potential surge to €2 per litre in the near future.

Leader of Seanad Éireann, Seán Kyne said: “People understand that global events can affect prices, but they can’t accept that a fuel company could be using international instability as cover for unjustified increases.

"If stock was bought at a lower price, consumers should not be paying war-time rates for it.

“Home heating oil and fuel pump prices have risen dramatically over the weekend. I understand Minister for Business, Enterprise and Trade Peter Burke has asked the CCPC to investigate this urgently. I fully support this.

“Consumers must be protected, especially those that need home heating oil during cold months.

"Rural Ireland is heavily reliant on kerosene and they should not be at the whims of fuel companies to stay warm in their homes.”

Senator Kyne continued: “The pattern of price movements simply doesn’t add up.

"When pump prices are rising faster than wholesale costs and falling slower when markets stabilise, it raises legitimate questions around whether the system is working in the public’s interest.

“Academics in energy say Ireland has three months reserves of oil, so price changes should not be so dramatic and immediate over the course of a weekend.

“An independent review by the CCPC would help determine whether recent price movements are justified or whether consumers are being unfairly burdened during a period of uncertainty.

“A CCPC investigation would give people clarity on what they’re paying for.

"Transparency is essential and consumers need to know they’re not being taken advantage of,” he concluded.