It has been reported that Ireland has seen the highest recent increase in home heating oil prices in the EU. Prices in Ireland are reported to have increased 27.3 per cent from late February into early March. This compares to an average increase of just 3.3 per cent across the EU.
People Before Profit has criticised the Government’s inaction on the cost-of-living crisis as these latest energy prices hikes come on top of prices increase of 7% for groceries and for clothing and footwear in the last year.
People Before Profit has called on the Government to reintroduce energy credits and enact its Emergency Price Controls Bill 2024 to cap energy prices in order to stop providers profiteering and price gouging. The People Before Profit Bill includes a maximum price cap of €1 per litre on home heating oil.
People Before Profit’s Richard Boyd Barrett said:
“Prices have gone up by almost a quarter in the last 5 years and were the highest in the EU for many essentials, including energy, even before these latest price hikes.
“Food and clothing prices have increased sharply over the last year and now we have learned that the cost of home heating oil in Ireland has increased by more than a quarter in just a week. In sharp contrast, the average increase in the EU for home heating oil in the same period was just 3.3 per cent.
“It's always the same story of households in Ireland getting hammered because of a Government that’s in thrall to the market and just sits on its hands while householders face increasing financial pressure.
“People are under intense financial pressure and the Government must act. The Government should never have removed the energy credits and they must be reintroduced immediately.”
Paul Murphy said:
“In addition to the reintroduction of energy credits, we need further action to control and reduce prices. People Before Profit have introduced an important Bill in the Dáil that would introduce emergency price controls for petrol, diesel, electricity, natural gas and home heating oil/kerosene.
“Our Emergency Price Controls Bill would set a maximum price of €1 per litre for home heating oil, along with maximum price caps on other forms of energy for homes and transport.
“In a country where a third of households were living in energy poverty even before the latest price hikes, it is clear that price caps are urgently required.
“The Government must make time for our Bill on the Dáil schedule next week and work with the opposition parties to enact it as soon as possible”.