Irish deputy premier criticises fuel price ‘anomalies’

Big differences in prices at fuel pumps cannot “be blamed on Iran or what’s happening in the Gulf”, Ireland’s deputy premier has said.

Tanaiste Simon Harris encouraged members of the public to provide information to the country’s Competition and Consumer Protection Commission (CCPC), which he said was investigating the behaviour of fuel retailers.

Mr Harris said the best way to reduce fuel prices would be a “de-escalation” of the conflict in the Middle East, adding that the impact to the economy would be influenced by the duration of hostilities.

Speaking to reporters in Paris, he said: “I accept that there can be reasons in terms of supply and demand that a price can go up – I get that – but I also think there’s very peculiar anomalies where parts of Ireland, only a couple of kilometres apart from each other, the price could be X and the price could be Y.

“I mean that can’t be blamed on Iran. That can’t be blamed on any president of any country and I think that’s concerning.”

He added: “We’ve all seen examples – of where it has gone over two euro at some petrol station and just a couple of kilometres away it’s significantly below that.”

Mr Harris said a fall in oil prices showed the “volatility” of the situation while the Irish Government keeps its response “under review”.

He pointed to a “massive spike” in oil prices, followed by a “very significant reduction” after US president Donald Trump said he believed the conflict was close to an end.

Mr Harris said oil prices were “still high” and “still elevated”, but the final landing zone would have a “very significant bearing” on what governments may need to do.

Asked if the Government would consider a price cap on the cost of petrol and diesel like Croatia, the Finance Minister said it was “fair” that different countries have taken different approaches.

He added: “I’ve been engaging with many colleagues across the European Union in the last 24-48 hours and most countries are in the position of trying to grapple with the economic impact of this and what is the best thing to do by their citizens?

“Some countries have decided to go ahead and do short-term measures – all countries are somewhat different as well.

“What I would say is the Irish Government has never been found wanting in trying to respond to situations but the best situation to be responding to one is one that de-escalates quickly and I mean, President Trump last night, I think gave an indication that he believes this could end in days.

“If that ends in days that has a positive impact on oil prices very, very quickly.

“If it doesn’t end in days – and it is an extremely volatile situation – then we’re into a much more concerning economic situation.”

He added: “So we’re keeping everything under review.”

He said there was a need to get a broader macroeconomic analysis of the potential impacts on the Eurozone.

Asked what action he wants the EU to take on energy costs, he said Europe’s energy market has become more diversified than it was in 2022 but added: “I think we still find ourselves far too reliant on other parts of the world when it comes to our energy and certainly this needs to be a sharp reminder and wake-up call about the urgency of moving towards energy independence at a European level.”

Earlier, Mr Harris said it would be “utterly despicable” to allow Russia to gain financially by selling oil and gas to Europe.

The European Union has been phasing out its use of Russian gas and oil following the country’s 2022 invasion of Ukraine.

However, Russian president Vladimir Putin has reportedly said his country is willing to work with European customers amid an energy crisis caused by the conflict in the Middle East.

Mr Harris said it was important the bloc “remains steadfast” in its view that economic sanctions on Russia are an important tool in trying to end the war on the continent of Europe.

He said: “The idea that Putin and Putin’s Russia would in any way benefit financially from a moment of conflict and pain and trauma in the Gulf region would be utterly despicable.

“It shows the importance of de-escalating the conflict in the Gulf region, and it also shows the importance of not losing focus on Ukraine and showing solidarity to our friends, to our European friends in Ukraine.”