Electricity prices may rise by 4% to 9%, minister warns

Darragh O'Brien described the situation around prices as "very volatile" due to global pressures.

Speaking on RTÉ's This Week, he said Ireland has seen a significant increase in fuel prices and there may be increases in electricity or gas prices from "May, June, July".

Asked about Minister for Enterprise Peter Burke's comments that energy prices may increase by "30% upwards", Mr O'Brien said he was not contradicting what Mr Burke said, but added price increases could be influenced by an energy provider's "hedging arrangements".

"On electricity, we are not looking at increases in that sphere. It will be single-digit increases, but it again depends on the providers, but we are prepared for that," he said.

Listen: Darragh O'Brien's full interview on RTÉ's This Week

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Mr O'Brien said gas could go up by more than 9% but "not up to 30%".

He said the Government will have to be "flexible and nimble" when responding to the crisis.

Mr O'Brien said he supported grants for retrofitting to help bring down energy costs for households.

When asked if energy credits might be part of the Budget in October, the minister said he "is not ruling anything out at the moment".

"I want to be clear on this, we only just brought in additional measures. And the €750 million total package that we brought in is one of the most significant in all of Europe and I think people see that," he said.

He said it is the "intention" that the energy levy will be brought back in the Budget in October.

Mr O'Brien said the carbon tax was paused because the Government recognised the "price pressures people, families and businesses are under".

He said there is "no rolling back" on climate measures.

Minister asks CCPC to track fuel price fluctuations

Mr O'Brien has asked the Competition and Consumer Protection Commission to track the fluctuations in fuel prices triggered by the US and Israeli war on Iran.

In a letter to CCPC chair Brian McHugh this week, Mr O'Brien requested that the commission "give consideration to enhanced mechanisms to track retail fuel prices during crisis".

The minister observed that "a sharp increase in global price of oil and refined products" has led to "heightened public concern on transparency in pricing."

Earlier this month, the CCPC concluded that the recent spike in fuel prices were as a result of "significant increases in international wholesale costs" and not price gouging.

It did add, however, that it could not rule out that "individual companies" many have benefitted.

In his letter, Mr O'Brien said he is "deeply conscious of the distressing impact and pressure which the sharp rise in fuel prices has created for Irish households and businesses."

He said his department "has established and enhanced our internal and cross-governmental structures in order to monitor supply of oil and price."

The minister added: "While I recognise the market-driven nature of these costs, it is imperative to ensure that Irish consumers are not facing unfair competition or unjustified price increases."

Additional reporting Paul Cunningham