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Energy Prices

Dáil Éireann Debate, Tuesday - 10 July 2012

Tuesday, 10 July 2012

Questions (290)

Thomas P. Broughan

Question:

306 Deputy Thomas P. Broughan asked the Minister for Communications, Energy and Natural Resources if he is satisfied that the impact of recent increases in daily global oil production is being passed on to consumers in view of the fact that when oil production decreases on the global market, Irish consumers immediately see significant increases in the price of petrol and diesel; if he has any plans to examine the operation of the liquid fuels sector in conjunction with the Department of Jobs, Enterprise and Innovation in relation to this process; and if he will make a statement on the matter. [33397/12]

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Written answers

I have no statutory function in relation to the setting of diesel and petrol fuel prices. The oil market is fully liberalised and deregulated. Notwithstanding increased global oil production, the International Energy Agency oil market analysis continues to point to a tight balance between global oil supply and demand with price impacted by ongoing geopolitical uncertainties.

The National Consumer Agency, under the aegis of Department of Jobs, Enterprise and Innovation, carried out a detailed survey on consumer oil prices. The survey found that the prices charged by Irish retailers for oil products relate to the refinery price rather than to the price of crude oil and that prices at the pump reflect the volatile market price, as well as transportation costs, trends in euro/dollar exchange rates and other operating costs, together with the impact of taxation on oil products. There are no plans to carry out a further examination of the sector at this time.

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