Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I would argue we have already introduced an emergency budget. Some €1 billion worth of budget measures kicked in only in January. Since then, we have approved a further €1.4 billion in additional emergency measures after the budget, including the reduction in VAT, the reduction in excise on petrol and diesel, the €200 discount on electricity bills for every household and the additional €100 in fuel allowance. As I mentioned earlier, while I am not ruling out further interim measures, we do not plan any at the moment. We are working towards a significant package in the budget, which is now just over three months away.

The Deputy is right that other countries have imposed price caps but they do not work very well. For example, the UK has had to keep on increasing the price caps. Why is that? We do not control the price of oil or gas. It comes in from other parts of the world. The amount that the retailer charges can be capped but if the retailer cannot buy the petrol or diesel at that level, there will be no supply at all.

What governments that introduced price caps have had to do is keep increasing them and that does not work for people.

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