Oil in Ireland is primarily used in the transport sector and the heating sector. Oil use in electricity generation is negligible at less than 1%. The oil market in Ireland is completely liberalised, privatised and deregulated. The Competition and Consumer Protection Commission monitors the oil market to ensure that the market is functioning well and that consumers are not being disadvantaged. Both crude oil and refined oil products are very much globally traded commodities. The EU’s main role with regard to oil price developments is one of market monitoring. There has been no major discussion at EU level about the fall in the price of oil being passed on to consumers. The European Commission maintains a Statistics and Market Observatory, which publishes a weekly Oil Bulletin with consumer prices of petroleum products in EU Member States, including Ireland. The Oil Bulletin is designed to improve transparency and strengthen the internal market. It contains tables with consumer prices in all 28 Member States, as well as separate euro-area and non-euro area tables and information on prices with and without taxes.
It is evident from the EU's Oil Bulletin that prices are falling. As of 26 January 2015, the price of petrol in Ireland was €1.25 per litre including taxes and duties, while the price of diesel was €1.19 per litre including taxes and duties. In the same period last year, the price of petrol was €1.53 per litre and the price of diesel was €1.47 per litre.
