Irish people told number to ring and report fuel price gouging as Minister hits out at energy hikes

People in Ireland have been told what number to call to report fuel price gouging after the Minister for Enterprise hit out at increases.

Peter Burke has confirmed he has engaged with the Competition and Consumer Protection Commission (CCPC) and asked them to urgently investigate claims from citizens who have raised significant concerns around price gouging.

He also raised the issue of illegal practice in terms of home heating oil, petrol, and diesel.

"I am encouraging members of the pubic to contact the CCPC via ask@ccpc.ie or via their helpline at 01 402 5555 in relation to recent increases in home heating oil and fuel. I am assured by the CCPC that these complaints will be carefully and urgently assessed," Minister Burke said.

The CCPC can impose fines of up €10 million in certain circumstances of breaches, or 10% of a company’s turnover.

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"I am also meeting industry representatives and suppliers in the energy market on Friday to discuss my concerns around the recent sharp increases in home heating oil and fuel prices, which do not appear to correspond with wholesale trends," Minister said. 

Professor Aoife Foley, who is the Chair in Net Zero Infrastructure at the University of Manchester, has outlined what impact the conflict could have on energy prices.

Professor Foley estimates that if oil markets spike sharply, the price of petrol could rise by €0.70 per litre.

However, that would only be in the case of what she describes as a “severe shock”. In the case of a more moderate shock, the price could rise by €0.29 per litre.

In the case of diesel, a severe shock to oil markets could result in a price increase of €0.81 per litre.

This figure stands at €0.34 per litre in the case of a more moderate shock.

Elsewhere, for households who use heating oil, the price of a refill could almost double.

With a current baseline of €0.99 per litre, this could rise to as much as €1.95 a litre in the case of a severe shock.