Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As I said earlier, and I am happy to repeat it, I will keep the situation under review in advance of the final restoration which is due on 1 August. There is considerable volatility when it comes to fuel prices, not least because of the movement in the cost of a barrel of oil which is only one input cost. It increased in recent weeks.

It fell back again but it is moving in both directions. I keep a close eye on that and on future markets as well. As the Deputy will be aware, foreign exchange rates also have an impact, along with refining costs, distribution costs, and so on. All of that will be taken into account.

The other part of the Deputy's question relates to the carbon tax. We set out every year how the additional revenue collected from the tax will be spent. In budget 2024, almost €800 million was allocated to climate action measures and sustainable farming, and to ensure the most vulnerable are protected from the unintended increases in the tax. This represents an increase in budget 2024 of €165 million in the amount funded from the carbon tax increases in 2023. That is going on additional retrofitting of homes to ensure we can make progress, working with farmers on sustainable farm practices and to tackle fuel poverty.

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