Fianna Fáil spokesperson on Jobs, Enterprise and Innovation Dara Calleary said customers are aware that crude oil prices have fallen by 50% since June of this year.
However, according to the AA website diesel prices have fallen from an average of 146.8c a litre in June to around 130c now, a drop of 11%.
Petrol has fallen by about 10% over the same period.
He said: "We get well-rehearsed arguments from the petrol retailers that fixed taxes make a considerable proportion of the cost of petrol and diesel. That is undoubtedly a major factor but does not adequately explain the delay in falling crude oil prices being passed on to customers.
-- Advertisement --
"We are also told that forward prices agreements limit their scope to reduce prices quickly in response to market movements. Consumers will be left with the nagging feeling that prices tend to go up much faster than they fall.
"The SEAI have estimated that Ireland imports €6bn a year in fossil fuels with petrol and diesel being the largest single category. Motorists, electricity customers and consumers generally should be reaping the benefits of these falling oil prices. However markets often appear to work against the interests of consumers.
"The Competition and Consumer Protection Commission can play a role by examining the validity of arguments around the continuing high prices. In so doing it can provide reassurance to motorists that there is a fair and functioning market. Should they find that this is not the case, it can make appropriate recommendations for action to be taken.
"The European Commission has already instigated an investigation into practices in the oil sector, a separate process at national level in Ireland would complement this."
(CD/JP)
