Fuel Prices

Dáil Éireann Debate, Tuesday - 23 June 2020

Tuesday, 23 June 2020

Ceisteanna (37)

Seán Crowe

Ceist:

37. Deputy Seán Crowe asked the Minister for Finance the way in which he has responded to the collapse in the price of oil on the world market; and his views on whether it is unfair to consumers and commuters that a marked decrease has not been seen on the price of petrol and diesel at pumps as a result of imposed charges, such as excise, VAT and carbon tax, particularly during the Covid-19 crisis during which persons are wary of using public transport. [11659/20]

Freagraí scríofa

Minister for Finance

As Minister for Finance I have no jurisdiction or control over market pricing of fuel. I have responsibility only for the tax element of fuels. The price of fuels is set by individual retailers and is determined by a number of factors including, taxation, the price of the raw material, retailer margins, the prevailing exchange rates as well as the fact that different wholesalers can enter into forward contracts at different rates for the purchase of oil.

I note that according to CSO statistics the average retail price of petrol and diesel have markedly fallen by approximately 10% from January to May of this year.