Eamonn Maloney (Dublin South West, Labour) | Oireachtas source

The Minister, Deputy White, will be aware of the issue I wish to raise. I read his statement concerning his discussions with the oil companies and petrol suppliers. I raise this issue because the wholesale price of oil has, I am thankful to say, been dropping. In the past 13 months it has dropped by almost 40%, but the decrease has not been passed on to the consumer in the retail sector. The Minister has, quite rightly, raised this with the various companies just this week. I thank him for and commend him on it. What is regrettable is that the motorist has lost out substantially because the decrease has not been passed on to him at the pumps. There is almost a cartel operating among the companies. They have managed for a very long period to get away without passing on any proportion of the decrease in the wholesale price of oil. It is the consumer or motorist who is losing out.

The Minister mentioned regulation previously. In the absence of any regulator, it is a fact that the oil companies are the main benefactors. They are holding back the decrease and making a lot of money. The motorist is losing out. As regards the petrol and diesel industries, self-regulation is not working. Prices of petrol and diesel vary from place to place. In some parts of this city, the motorist is being absolutely fleeced. There is an onus on us to rein in the oil companies. It is only fair that the decrease be passed on to motorists.

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