Dominic Hannigan (Labour)

Given that Irish grocery prices are 25% higher than those in the United Kingdom, I was glad to see the announcement this morning that one major retailer intends to invest €350 million in the establishment of 35 new stores in this country. I hope a discount retailer will help to drive down prices for Irish shoppers.

I was glad to see the price of oil has dropped to its lowest level in two years, that is, to $53 per barrel. This is interesting because more than 60% of our electricity is generated from oil and gas. Yesterday, Sustainable Energy Ireland stated our electricity prices are 20% higher than the European average. It is vital that the reduction in the price of oil be passed on so our hard-pressed consumers benefit.