The price of home heating oil has continued to climb nationwide with the average price for 500 litres put at \u20ac761 on Wednesday, an increase of more than 50 per cent in less than a week.<\/p>\n
Some companies that were charging around \u20ac500 for that volume of fuel as recently as last Friday are seeking more than \u20ac800. <\/p>\n
The dramatic rise, which has been attributed to unrest in the Middle East following US-Israeli strikes on Iran<\/a>, has led to accusations of \u201cprice gouging\u201d and Government<\/a> inaction.<\/p>\n Minister for Enterprise Peter Burke<\/a> has confirmed he has engaged with the Competition and Consumer Protection Commission (CCPC)<\/a> and asked them to urgently investigate claims around price gouging and illegal practice in terms of home heating oil, petrol and diesel. <\/p>\n \u201cI am encouraging members of the public to contact the CCPC in relation to recent increases in home heating oil and fuel,\u201d he said, adding that he had been \u201cassured by the CCPC that these complaints will be carefully and urgently assessed\u201d.<\/p>\n He said the consumer watchdog can avail of a range of powers to investigate and prosecute where clear breaches of the law are evident, and could impose fines of up \u20ac10 million in certain circumstances of breaches, or 10 per cent of a company\u2019s turnover. <\/p>\n Burke said he was also meeting industry representatives and suppliers in the energy market on Friday \u201cto discuss my concerns around the recent sharp increases in home heating oil and fuel prices, which do not appear to correspond with wholesale trends\u201d.<\/p>\n The issue was raised in the D\u00e1il<\/a> on Wednesday, with Sinn F\u00e9in<\/a> leader Mary Lou McDonald<\/a> accusing the Government of being passive while a \u201cbrazen rip-off\u201d was happening in plain sight.<\/p>\n She cited the case of a 94-year-old woman who was quoted \u20ac464 for a half-fill of heating oil last week, which had risen to \u20ac879 by midday on Wednesday. <\/p>\n \u201cThis extortionate hike puts this elderly woman under huge pressure, but her options are either pay up or go cold.\u201d<\/p>\n McDonald also said the price of fuel was surging on forecourts, with some reports suggesting the cost of a litre had risen by 10 cent, in some cases. <\/p>\n Taoiseach Miche\u00e1l Martin<\/a> said it should be three to four weeks before price rises are seen in any petrol station forecourt.<\/p>\n Labour<\/a> leader Ivana Bacik<\/a> said the Government could use existing powers under the Consumer Protection Act to \u201ccap the price of home heating oil\u201d. She said the rise in prices was \u201cprice gouging, pure and simple\u201d and that \u201cIrish energy bills were already inflated long before this war\u201d.<\/p>\n Martin said \u201cpeople should not take advantage\u201d of the situation and \u201cthere should be no increase\u201d in prices. He said the CCPC was there to make sure there was no price gouging. <\/p>\n