The price of home-heating oil in Ireland jumped sharply following the outbreak of the conflict involving Iran, increasing far more than in any other European Union country. According to figures from the European Commission’s weekly oil bulletin, between 23 February and 2 March, the cost of heating oil in Ireland rose by 27.3%, climbing from €0.96 per litre to €1.23 per litre.
The increase in Ireland was the largest across the EU, roughly eight times higher than the average rise across EU27 countries, which stood at 3.3%. Austria recorded the next highest increase at 9.6%. The European Commission figures reflect retail prices, including VAT, excise duties, and carbon taxes.
Sinn Féin MEP Lynn Boylan criticised the scale of the price hike, calling it “yet more clear evidence that gouging is happening in the home-heating oil market.” She described the behaviour as “morally bankrupt” and called on the Irish Government to take action against the surging prices.
In response, Minister for Enterprise Peter Burke asked the Competition and Consumer Protection Commission to review the retail energy market amid sustained price rises.
Industry representatives have rejected claims of price gouging. Kevin McPartland, chief executive of Fuels for Ireland, said suppliers are responding to wholesale market prices and that the steep increase in kerosene—the type of oil used for home heating in Ireland—has outpaced rises in petrol and diesel. McPartland noted that other EU countries use a less expensive diesel-like product, while taxes on kerosene in Ireland contribute to the disparity. “No one else in the EU pays a tax on home-heating oil,” he said.
McPartland also highlighted the impact of the Strait of Hormuz disruption, explaining that while only a small proportion of petrol and diesel comes through the shipping lane, around 30% of kerosene used in the EU passes through the Gulf.
At the start of this week, filling 500 litres of home-heating oil cost around €880, representing an increase of nearly €400 compared with prices before the conflict escalated last weekend. Petrol prices have reached €1.90 per litre at some service stations, while diesel has climbed above €2 per litre in parts of the country.
With the ongoing uncertainty in global energy markets and Ireland’s reliance on kerosene imports, analysts warn that prices may remain volatile in the coming weeks, further pressuring households during the winter heating season.
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