Dáil Éireann Debate, Tuesday - 2 December 2014
582. Deputy Seamus Kirk asked the Minister for Communications, Energy and Natural Resources if petrol and diesel prices are being monitored having regard to the significant decrease in crude oil prices; if retail prices are reflecting this trend; and if he will make a statement on the matter. [46184/14]
View answerThe Irish oil industry is fully privatised, liberalised and deregulated and there is free entry to the market. There is no price control in the oil sector and it is Government policy to encourage price competition and consumer choice. I have no statutory function in the setting of oil, petrol or diesel prices. Previous surveys have shown that prices charged by Irish retailers for oil products relate to the refinery price rather than to the price of crude. Investigations and surveys into oil prices have been undertaken by the National Consumer Agency, such as the Investigation into Petrol and Diesel Price Movements, and these are available on the Agency's website at www.nca.ie. The research indicates that the price paid at the pump by consumers is largely determined by taxation levels, the internationally traded price of crude oil and the consequent price at which refined product is traded in Europe, along with the level of competition in the retail market.
The European Commission maintains a Statistics and Market Observatory, which presents consumer prices and net prices (excluding duties and taxes) of petroleum products in EU Member States (known as the Oil Bulletin) on a weekly basis. The Oil Bulletin is designed to improve the transparency of oil prices and to strengthen the internal market. The relevant link is:
http://ec.europa.eu/energy/observatory/oil/bulletin_en.htm.
As of November 24 2014, the price of petrol in Ireland was €1.45 per litre including taxes and duties, while the price of diesel was €1.39 per litre including taxes and duties. The weighted EU average for the EU 28 for the same week was €1.46 per litre for petrol including taxes and duties and €1.30 per litres for diesel including taxes and duties. While Ireland's diesel price last week was slightly higher than the EU average, our petrol prices were lower. It is also worth noting that Ireland was around mid point on the list of EU Member States.
