National Oil Reserves Agency (Amendment) Bill 2026: Second Stage
Dail Éireann — 2026-03-25
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Jennifer Whitmore (SD), Wicklow

I thank the Minister.
I also want to talk about price-gouging. The CRU was mentioned earlier. The CSO reported this week that wholesale electricity prices have dropped by 72% since the peak in August 2022. We have not seen a 72% reduction in retail prices here in Ireland and indeed many people are still really suffering from the incredible costs of electricity and gas as a result of the invasion of Ukraine. The Minister has called on the CRU to look into aspects of price-gouging in the energy sector and to consider what level of pass-through is occurring from wholesale to retail. That was a recommendation of the task force last year. I have not heard anything back from the CRU yet. Within its legislation, the CRU has the provisions to be able to do this anyway. It is something it should be doing on a regular basis and not waiting for a Minister to direct it to do so. It has responsibility for ensuring fairness in the energy markets for consumers. It should have the wherewithal to use the legislation that is available to it and to do this when it deems it fit. However, it seems very lax when it comes to these kinds of matters. It waits for there to be a public outcry and for a Minister to direct it. I do not understand how it does not see it as a normal part of its remit. Anyway, we have not seen any response or any report from the CRU and it is really important that that happens.
Alongside that, the CCPC also needs to investigate price-gouging by petrol and diesel retailers. It was very clear, pretty much immediately after the war in Iran started, that forecourt prices would skyrocket and that has continued. We all suspect that there has been price-gouging and there has to be accountability for it because if there is not accountability, we will not stop them from doing it every time there is an issue like this. It is really important that that happens and that it happens quickly.
We also need to ensure that any of the excise cuts and now the NORA cut are passed on to consumers. It needs to go directly into people's pockets and not into the pockets of the retailers. I ask the Minister of State to ensure that happens because it is fundamentally important when it comes to not just these measures but the trust the public have in the implementation of these measures.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-03-25/debate/main
Retrieved: 2026-08-14T04:54:47+00:00
Sitting date: 2026-03-25