The government must take urgent action to prevent price gouging by energy companies as the situation in the Middle East continues to worsen, according to Social Democrats energy spokesperson Jennifer Whitmore TD.
Deputy Whitmore said:
“There are reports today that the cost of home heating oil is already soaring. This is outrageous. Any company selling home heating oil today did not buy its stock at an inflated rate post-conflict. It is supply that is currently in stock and the price rises we are seeing appear to be blatant price gouging.
“The Consumer Protection Agency must immediately investigate whether energy providers are price gouging. This is particularly important in the context of the broader cost of living crises, with the cost of rents and groceries at an all-time high.
“Today’s spike in the cost of home heating oil is just the latest example of energy companies jacking up prices at the expense of struggling individuals and families. I have repeatedly asked Energy Minister Darragh O’Brien to investigate whether, and to what extent, these companies are ripping off the Irish public, to no avail.
“Meanwhile, a National Energy Affordability Taskforce that was set up last summer has only met on three occasions and has offered zero assistance to consumers. The lack of urgency from the government, when it comes to this issue, is nothing short of a dereliction of duty.
“With war now raging in the Middle East, the price of electricity, gas and home heating oil could continue to rise. Just today, Qatar’s state-backed energy company Qatar Energy said it would cease production of LNG due to attacks on its infrastructure – an announcement which sent European gas prices soaring by 50 percent.
“More than 300,000 people are already in arrears on their electricity bills. Any further rises in energy costs would have devastating consequences. This government has so far refused to provide targeted energy credits to struggling households – a decision which it should now reverse.
“Last week, the Central Statistics Office provided further proof that consumers are being ripped off by energy companies – wholesale electricity prices were down almost 25 percent in January compared to the same period last year, but retail prices were up 15 percent.
“As the situation in the Middle East continues to deteriorate, the Energy Minister must get his act together and ensure Irish consumers are not gouged by companies using this conflict to boost their own profits.”