Marc MacSharry (Sligo-Leitrim, Fianna Fail) | Oireachtas source

I will just talk about this issue for a minute and then other people can give their views. Under European law, we have to maintain a reserve of 90 days of oil to keep ourselves going. Money is needed to do that. The original regulations establishing the agency date from 1995, but the most recent legislation dates from 2007. A levy is applied every time we buy petrol, diesel or home heating oil. That money was to be used for certain purposes. Section 44(3) of the National Oil Reserves Agency Act 2007 states:

In determining the rates of levy, the Minister shall seek to ensure that (taking one year with another) the sums realised by applying those rates to the volume assessments meet but do not exceed the estimated expenses of the Agency and of each designated subsidiary.

The agency has a surplus and it has been recording a surplus year-on-year. According to the 2018 accounts that surplus is about €189 million in cash.