Dáil Éireann Debate, Tuesday - 26 July 2022
436. Deputy Richard Boyd Barrett asked the Minister for Finance the estimated full-year cost of lost VAT to the Exchequer by introducing price controls that cap petrol and diesel at €1.75 per litre, electricity at 25-cent per kilowatt hour, natural gas at 8-cent per kilowatt hour and oil and kerosene at €1 per litre; and if he will make a statement on the matter. [41607/22]
View answerI am informed by Revenue that the theoretical estimated full year cost of introducing these measures is provided in the table below. The Deputy should note, however, that a price cap of this nature would result in operators selling fuel at below cost which is not sustainable in any business. The estimates are based on the most recently available price information and do not take account any behavioural change by either vendors or purchasers.
|
Commodity |
Price € |
VAT Loss (€m) |
|
Petrol (l) |
1.75 |
60 |
|
Diesel (l) |
1.75 |
65 |
|
Oil (l) |
1.00 |
3 |
|
Kerosene (l) |
1.00 |
85 |
|
Electricity (KWh) |
0.25 |
32 |
|
Gas (KWh) |
0.08 |
17 |
|
Total |
262 |
