Noel Dempsey (Meath West, Fianna Fail)

Diesel and oil prices are not subject to price controls in the State. These prices are determined by the international oil commodities markets and influenced by supply considerations, economic growth in the major consuming economies, exchange rate volatility, market speculation and production and refining costs. In a market with fluctuating oil prices, there is usually a time lag between the prices quoted on international markets and prices available at the pumps. In the case of falling oil prices, there is a time lag for the lower prices to be passed on to customers as suppliers have to sell the oil they purchased at a higher cost before reducing prices.

I understand from the Tánaiste and Minister for Enterprise, Trade and Employment, Deputy Coughlan, that the National Consumer Agency has initiated a price survey on the costs of fuel. The survey is intended to ascertain whether oil companies are passing on savings on oil prices internationally and whether petrol and diesel pump operators are subsequently passing those savings on to consumers in a timely manner. I understand the agency's work in this area is well under way and that it is expected to present its report to the Tánaiste next month. I also understand from the Minister that the Competition Authority's enforcement powers are just one of the many issues being considered as part of the ongoing review of the operation and implementation of the Competition Act 2002.

The Deputy may wish to contact the Tánaiste and Minister for Enterprise, Trade and Employment directly for further information in regard to these matters.

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