Dáil Éireann Debate, Wednesday - 9 March 2022
33. Deputy Cian O'Callaghan asked the Minister for the Environment, Climate and Communications if plans are in place to use the National Oil Reserve Agency reserve if prices continue to increase; and if he will make a statement on the matter. [13301/22]
View answerThe Deputy will be aware that global oil prices are a function of a number of factors and are being influenced presently by ongoing developments arising from the Ukraine conflict.
The purpose of the strategic reserves held by the National Oil Reserves Agency is to respond to a scenario where oil supplies into Ireland may be constrained as opposed to a mechanism to reduce price.
It is the Department’s understanding that the oil sector's representative group, Fuels for Ireland, and its member companies, are fully confident in their ability to meet normal fuel demands at this time.
The Government is extremely conscious of the impact that the global spike in oil prices is having on people. In that regard I can say that Government is working with the European Commission and Member States as part of a coordinated response to this.
