FINANCE MINISTER JACK Chambers has said the Government would intervene to control petrol and diesel prices if they rise to the levels seen in 2022, when then-Finance Minister Paschal Donohoe introduced a temporary cut to excise duties on the fuels. 

Chambers was today announcing the official establishment of two funds aimed at safeguarding public finances into the future – the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. Both funds were created by Chambers’ predecessor Michael McGrath and Public Expenditure Minister Paschal Donohoe. 

On petrol and diesel prices, Chambers was asked if he would intervene as Donohoe had done and he said his department would be keeping the matter “under review” due to volatility in the global oil market, which he said “could disrupt the pricing dynamics domestically”.

“If there’s a serious disruption to that, which affects the price at the pump, we’ve intervened in the past and we’ll intervene again, and it’s a matter we’ll keep under review,” Chambers said. In 2022, petrol and diesel prices were up to around 2 euro per litre. 

For the moment, however, Chambers does not intend to take measures to reduce fuel prices, which increased at midnight last night. That increase of 4c per litre on petrol and 3c per litre on diesel was met with anger and criticism from opposition politicians.

“If the price at the pump reflects what happened two years ago, I think the government would have to intervene again, to support families and businesses who are reliant on petrol and diesel in their daily lives,” he said.

“But presently, we’ve reasonable stability over the last number of months.

“We’ll obviously continue to monitor prices, and indeed, the global dynamics of pricing and see how that impacts on domestic pricing.”