The price of petrol and diesel at the pumps has reached record levels this week with prices quoted up to €1.35 a litre for petrol and €1.25 a litre for diesel.
Fine Gael Galway East TD Paul Connaughton said motorists, farmers, and lorry owners were encountering hefty price hikes, with marked diesel prices selling at 75c a litre compared to just over 50c a few months ago.
Dep Connaughton said there were occasions over the past few months when the crude oil price actually dropped a few dollars a barrel, but there was no decrease whatsoever at the pumps.
“There is a deep rooted suspicion that the big oil companies are in concert with each other to help to drive up the price of fuels even at a time when crude oil prices are quite low,” said Dep Connaughton.
He added that these “exorbitant prices” would drive up the cost of living for people who must commute to work every day.
“A fill of €50 in the tank will not last long,” he said. “Farmers can expect agricultural contract prices to increase for silage making and other contract work as a result of these hikes.”
Dep Connaughton said he would raise the matter in the Dáil this week to “ascertain who is profiting from the increased prices” as it is “only a question of time before electricity prices and home heating oil will shoot up also”.