The Minister for Enterprise has warned companies tempted to price gouge that they risk prosecution if they break competition law. 

US and Israeli strikes on Iran have plunged international energy markets into chaos, causing the price of oil and gas to rise. 

On 17th February, the price of Brent crude oil was $66. However, it now stands at $79 - an increase of close to 20% in just under a month. 

Already consumers have complained of significant price increases, while An Taoiseach has said there is “no excuse” for such behaviour so soon into the conflict. 

On The Claire Byrne Show, Minister Peter Burke has said the increases “bear no connection to what is happening in international markets”. 

 “When we look at the crude price of oil in the early 80s at $1 per barrel, that doesn't reflect in terms of the 50% increase that we've seen in heating oil,” he explained. 

“In one particular case I've seen where an individual paid for her home heating oil only to have the money refunded back to her a number of hours later and an email attached, essentially saying that the price of the product had gone up significantly.”

The Department of Enterprise has summoned industry representatives and while Minister Burke said he did not like “using the language hauling people in”, he plans on having a “frank discussion”. 

“We have now a live investigation with the Competition and Consumer Protection Commission in the field and that it has significant teeth to take action,” he warned. 

“We have got prosecutions over the last year in relation to malpractice and breaches of competition law.” 

A man holding a petrol pump. Picture by: Miljan Živković / Alamy Stock Photo

Following Putin’s invasion of Ukraine, western sanctions on Russian energy sent the price of fossil fuels soaring. 

Energy bills surged across the world and millions were plunged into fuel poverty. 

The current situation, Minister Burke insisted, is not comparable. 

“We've seen the prices now at around $81, $82 a barrel,” he said. 

“That was the same as it was back in January 2025, back in April 2024.”

Main image: A domestic home heating oil tank being refilled. Picture by: Alamy.com.