John Gerard Hanafin (Fianna Fail)

Given that the price of oil has dropped significantly and given that there is a real need to ensure the public finances are kept in order and we reduce our carbon footprint, would it not now be appropriate to consider increasing further the tax on petrol? This is because the tax on petrol was the most acceptable part of the budget, notwithstanding the fact that some people drew attention to it. We do need to raise taxes and there is public acceptance at the price point that now obtains in respect of petrol.

Given that the price of oil will fall further, would it not be appropriate for this House to suggest to the Minister that increasing the tax on petrol could help considerably in light of the significant borrowing required to get us through the recession? In addition, could Members of this House not encourage members of the Irish Central Bank who go to Frankfurt to ensure European Central Bank rates will continue to fall? Where there is significant room for manoeuvre, they should be encouraged to secure another decrease of 0.5% or 1% such that, by 2010, we will be through this downturn in the economy.