Recent spikes in fuel prices are a result of “significant increases in international wholesale costs” and not price gouging, according to an analysis from the Competition and Consumer Protection Commission (CCPC).
The report was commissioned after government calls for the public to report unusually high fuel prices and suspected profiteering. While the watchdog said it could not rule out that “individual companies” may have benefited from rising prices, it found no evidence of widespread illegal activity.
Fuel prices have risen sharply in recent weeks despite temporary government excise cuts of 20 cents per litre on diesel and 15 cents per litre on petrol. Diesel has climbed from around €1.70 per litre to as high as €2.17 at many forecourts, while petrol prices have increased by up to 25 cents per litre compared to late February levels.
Since 2 March, the CCPC has received more than 900 complaints from consumers. Fewer than 5 percent of these raised specific consumer protection concerns, mainly related to certain home heating oil suppliers. The majority reflected frustration and distress over the speed and scale of price increases across essential fuel products.
In response, the watchdog has contacted the home heating oil industry to remind companies of their legal obligations. These include clearly explaining how prices are calculated and ensuring transparency for consumers. Some complaints remain under investigation.
The CCPC concluded that both the road fuel and home heating oil markets remain “reasonably competitive.” It said recent price rises were not caused by anti-competitive behavior but by higher wholesale costs on international markets.
CCPC Chair Brian McHugh acknowledged the public concern, saying many consumers believed the increases were driven by profit motives. “The distress and concern we heard from consumers was very real,” he said. “However, while we have identified a small number of questionable consumer protection practices, we have not seen price increases that are in breach of any law.”
McHugh added that Ireland’s open market allows businesses to set their own prices, and the commission’s analysis of global wholesale trends supports the conclusion that international factors are driving the increases.
The findings echo a similar CCPC report published in November 2022 following Russia’s invasion of Ukraine, which also attributed rising fuel prices to global market pressures rather than coordination among retailers.
The Convenience Stores and Newsagents Association (CSNA), which represents more than 1,500 retailers including 300 filling stations, welcomed the report. CSNA President Vincent Jennings said the findings confirmed the industry’s position that retailers were not engaged in wrongdoing and criticized what he described as unfair accusations against fuel sellers.
The report is likely to shape ongoing discussions about fuel pricing and consumer protection as households continue to face higher energy costs. If you think you may have been a victim of mis-sold car finance claims, you could be entitled to thousands of pounds in compensation from your lender.
