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, Fine Gael Senator Sean Kyne has said.
The Fine Gael Galway West candidate in the forthcoming byelection said that people underestimate that global events can affect prices, but they cannot accept that a fuel company could be using international instability as a 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 the Minister for Business, Enterprise and Trade, Peter Burke, has asked the CCPC to investigate this urgently. I fully support this,” he said.
“Consumers must be protected, especially those that need home heating oil during the 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: that the pattern of price movements simply does not 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 people’s interest.
“Academics in energy say that Ireland has three months reserves of oil, so price changes shouldn’t be so dramatic and immediate over the course of a weekend.
“An independant 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 that they’re not being taken advantage of.” he concluded.
