Dáil Éireann Debate, Tuesday - 4 December 2018
544. Deputy Pearse Doherty asked the Minister for Communications, Climate Action and Environment the reason the drop in world oil prices is not being felt at the pump for Irish consumers; and if he will make a statement on the matter. [50144/18]
Amharc ar fhreagraThe Irish retail oil sector is an open and competitive market. As such, I have no role in the setting of fuel prices.
The retail price of gasoline and diesel at the pumps is determined by a number of factors, including the price of crude oil and refined product on the international markets, market supply and demand levels, and as oil is traded almost exclusively in US Dollars, the strength of that currency against the Euro.
The Competition and Consumer Protection Commission (CCPC, under the aegis of the Minister for Business, Enterprise and Innovation) is responsible for ensuring that the market is functioning correctly and that consumers are not being unfairly disadvantaged.
