Dara Calleary has warned that global fuel prices are “out of our control”, but promised the Government would do everything possible to cut the cost of living in Budget 2027.
With just two weeks to go before the big day, interest groups and opposition TDs have been lobbying hard for support for various sectors.
Drivers will be watching with particular interest, given the significant rise in the cost of petrol and diesel since the Iran War began this spring.
On The Claire Byrne Show, Minister Calleary described fuel as “one of our main budget priorities”.
“We're very conscious of the pressures on fuel, both diesel and petrol, but also kerosene,” he said.
“We're working very hard to have a plan in the context of the budget, which is only to stay two weeks, to alleviate pressure on people.
“But look at the prices, prices which are out of our control and everywhere you see across the world, oil and petrol prices are increasing.
“At the weekend JP Morgan, one of the world's most respected economic competitors, said they can't forecast where oil is going.”
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In the wake of the Iran War and the subsequent fuel protests, the Government announced a package of measures designed to reduce the cost of driving.
A planned increase in the carbon tax was delayed and excise duty was cut.
“We've invested over €2 billion already in subsidising the cost of fuel,” Minister Calleary said.
“Diesel, for instance, would be 30 cents a litre dearer without that subsidy - that's what it means.
“Similarly, petrol will be similarly as dear.
“We have to deal with kerosene; kerosene heats about 700,000 homes around the country. We have to act on that for people.”
While he refused to go into specifics, Minister Calleary promised there would be “movement across all the fronts”.
However, when asked if drivers could expect a reduction at the pump, he remained coy.
“I'm not going to comment on the precise plan,” he said.
“That will be revealed this day week, but we have to continue to show that we have given the biggest supports in the European Union at this point since last April.
“We've put over €2 billion into it, we are very focused on assisting people and assisting businesses through that.
“We're very cognisant of the pressure people are under.”
Main image: Dara Calleary. Picture by: Alamy.com.
