Tom Fleming (Kerry South, Independent)
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27. To ask the Minister for Communications, Energy and Natural Resources his views on fuel prices in view of the fact that the organisation of petroleum exporting countries have cut prices by 30% since June 2014; when the proportinate reductions will be pased on to the consumer; and if he will make a statement on the matter. [47348/14]

Joe McHugh (Donegal North East, Fine Gael)
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As of 1 December 2014, the average price of petrol charged at the pump in Ireland was €1.46 per litre, while the price of diesel was €1.40 per litre, both prices including taxes and duties. The weighted EU average for the EU 28 for the same week was €1.45 per litre for petrol and €1.32 per litre for diesel, both including taxes and duties. While higher on diesel prices, Ireland is close to the EU average for petrol. More information can be found in the European Commission's oil bulletin:

The Irish oil industry is fully privatised, liberalised and deregulated and there is free entry to the market. The Minister, therefore, has no statutory function in the setting of petrol or diesel prices and the Commission for Energy Regulation has no role in relation to prices in the oil market. There is no price control in the oil sector and it is Government policy to encourage price competition and consumer choice.

In a liberalised market, investigations and surveys into oil prices have been undertaken by the National Consumer Agency to ensure that competition in the market is functioning well and consumers are not being disadvantaged, in particular when there are fluctuations in the internationally traded price of oil. Such investigations and surveys include the National Consumer Agency’s Investigation into Petrol & Diesel Price Movements (2008) and the survey on home heating oil (2014). The research indicates that the price paid at the pump by consumers is largely determined by taxation levels, the internationally traded price of crude oil and the consequent price at which refined product is traded in Europe, along with the level of competition in the retail market.

The Irish Petroleum Industry Association has also done a short paper on what determines pump prices. This is available at: The industry paper illustrates that over half of the price paid at the pump relates to taxes, duties and levies. As oil is traded exclusively in US Dollars, the strength/weakness of that currency against the Euro also impacts pump prices.

The National Consumer Agency and the Competition Authority have recently been merged. The new body is known as the Competition and Consumer Help Commission. This body would have a role in ensuring that competition in the market is functioning well and that consumers are not being disadvantaged.