Pauline Tully (Cavan-Monaghan, Sinn Fein)
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373.To ask the Minister for Finance if correspondence has been received from an organisation (details supplied) with a request for him to meet with it; and if he will meet with the organisation to discuss its concerns regarding the scheduled excise duty increase which was announced by his predecessor to take place on 1 August this year. [32690/24]

Jack Chambers (Dublin West, Fianna Fail)
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I can confirm that correspondence has been received from this organisation directly and via a number of T.D.s. My officials met with members of this organisation, most recently in March of this year, to engage with them on the matters raised in previous similar correspondence.

I am aware of the concerns raised in their most recent correspondence. However, as the Deputy will be aware a number of factors affect the final retail price of fuels including energy market dynamics, wholesale pricing, individual retail pricing policy, transport costs, exchange rate fluctuations and taxation. It is important to note that despite the restoration of excise rates which occurred in April 2024, national average retail prices have shown steady decreases in recent weeks. While national average prices as of 13 May 2024 were approximately €1.84 and €1.78 per litre for petrol and auto diesel respectively, more recent prices as of 15 July 2024 were approximately €1.77 for petrol and €1.71 for auto diesel. According to the Consumer Council of Northern Ireland equivalent prices as of 18 July 2024 were €1.67 for petrol and €1.70 for auto diesel (ECB exchange rate 18 July 2024).

While I recognise that households and business continue to face challenges, the Government must strike the appropriate balance between providing support and avoiding fuelling cyclical inflationary trends. The Government has provided relief to consumers and businesses since 2022 through a number of support measures including temporary reductions in excise. However, these measures were introduced as temporary support measures and involve an ongoing cost to the exchequer while they are retained.

I and my officials will of course continue to monitor and review energy prices.