Eamon Gilmore (Dún Laoghaire, Labour)
Link to this: Individually | In context

Question 330: To ask the Minister for Communications, Energy and Natural Resources if his attention has been drawn to the fact that the cost of E85 bio ethanol has increased by 24% in price in less than 11 months, which is far in excess of any inflation figures; the reason for this increase; and if he will make a statement on the matter. [42390/10]

Eamon Ryan (Dublin South, Green Party)
Link to this: Individually | In context

I am aware that the price of E85 fuel, which is a fuel blend made up of 85% ethanol has risen sharply in the past year. The oil market is fully deregulated and the Commission for Energy Regulation has no function in the setting of prices.

Ethanol can be produced from a number of different commodities all of which are globally traded, and which vary significantly in price from time to time. Furthermore, shifts in currency can have a dramatic effect on prices. In recent months, a combination of changes in currency and a dramatic increase in the price of commodities, such as wheat, have led to substantial increases in the price of ethanol.