Vol. 536 No. 6
137 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the fact that petrol prices increased from 66.6p per litre to 71.6p per litre; the reason these changes occurred; the reason they were not publicised; and if she will make a statement on the matter. [15196/01]
There is no legal requirement for petrol companies to inform my Department of price increases for petrol. I am therefore not in a position to give any detailed information on the reasons for the changes that have occurred. However, the Department of Public Enterprise has informed my Department that OPEC members have cut oil production, and that this factor alone could cause increased prices for petrol. The situation could be accelerated by difficulties in the American market where several oil refineries have been closed for maintenance and others closed permanently due to their inability to meet environmental safety standards. This has led to a perceived shortage on the US market with a consequential ripple effect on the world market. In addition there has been a considerable appreciation of the dollar against the euro over the last few years, which causes the euro prices to rise over time. All this has been compounded by the up swing in the Asian market and a consequential increase in demand for petrol. My Department has been informed that it is the interplay of these factors that affects the cost of petrol.
