The price of home heating oil has continued to climb nationwide with the average price for 500 litres put at \u20ac761 on Wednesday, an increase of more than 50 per cent in less than a week.<\/p>\n
Some companies that were charging around \u20ac500 for that volume of fuel as recently as last Friday are seeking more than \u20ac800. <\/p>\n
The dramatic rise, which has been attributed to unrest in the Middle East following US-Israeli strikes on Iran<\/a>, has led to accusations of \u201cprice gouging\u201d and Government<\/a> inaction.<\/p>\n Minister for Enterprise Peter Burke<\/a> has asked the Competition and Consumer Protection Commission<\/a> (CCPC) to carry out an immediate investigation of the sector<\/a> to ensure there were no increases for consumers \u201cwhich are not proportionate\u201d.<\/p>\n The issue was raised in the D\u00e1il<\/a> on Wednesday, with Sinn F\u00e9in<\/a> leader Mary Lou McDonald<\/a> accusing the Government of being passive while a \u201cbrazen rip-off\u201d was happening in plain sight.<\/p>\n She cited the case of a 94-year-old woman who was quoted \u20ac464 for a half-fill of heating oil last week, which had risen to \u20ac879 by midday on Wednesday. <\/p>\n \u201cThis extortionate hike puts this elderly woman under huge pressure, but her options are either pay up or go cold.\u201d<\/p>\n McDonald also said the price of fuel was surging on forecourts, with some reports suggesting the cost of a litre had risen by 10 cent, in some cases. <\/p>\n Taoiseach Miche\u00e1l Martin<\/a> said it should be three to four weeks before price rises are seen in any petrol station forecourt.<\/p>\n Labour<\/a> leader Ivana Bacik<\/a> said the Government could use existing powers under the Consumer Protection Act to \u201ccap the price of home heating oil\u201d. She said the rise in prices was \u201cprice gouging, pure and simple\u201d and that \u201cIrish energy bills were already inflated long before this war\u201d.<\/p>\n Martin said \u201cpeople should not take advantage\u201d of the situation and \u201cthere should be no increase\u201d in prices. He said the CCPC was there to make sure there was no price gouging. <\/p>\n