Seán Power (Kildare South, Fianna Fail)

Last summer, the price of oil was $147 a barrel and we saw the effect of this at petrol pumps. At that time both Bord Gáis Éireann and the ESB applied for significant price increases. The regulator decided to adopt a flexible approach and partially granted both requests and said the matter would be reviewed again in December. We all know that between July and December the price of oil and gas reduced considerably and in December a small reduction in energy prices was announced. These lower prices have continued. Just a few weeks ago, the Minister asked the regulator to re-examine the situation and, as announced earlier, we will see a further reduction in prices within a few weeks.

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