Simon Harris has said the Government will remain flexible and ready to step in with supports again if needed, depending on how events unfold in the Middle East.
Mr Harris told his parliamentary party that instability arising from the Iran war should not be underestimated, adding that the Department of Finance will provide him with an updated macroeconomic outlook next month, reports RTE.
The Fine Gael leader also met Gabriel Makhlouf, Governor of the Central Bank of Ireland, to discuss the geopolitical situation and its possible effects on the Irish economy.
Addressing the meeting, the Minister for Finance said that Ireland’s economy remains strong, supported by financial buffers built up through careful fiscal management, reports RTE.
However, the Tánaiste noted that Ireland’s open trading economy leaves it exposed to external financial shocks.
The meeting with the Central Bank governor took place ahead of the release of updated macroeconomic forecasts due tomorrow, reports RTE.
Mr Harris told TDs and Senators he is working with his department to finalise revised economic projections, which are expected to be published in mid-April.
He also confirmed he will attend a meeting of European finance ministers, the Eurogroup, on Friday, where he plans to push for a more urgent and coordinated European response to current economic pressures, reports RTE.
This will include raising concerns about potential profiteering, learning from other countries’ experiences and considering possible policy responses.
The Tánaiste stressed that there can be no tolerance for opportunistic price increases, reports RTE.
He added that the Government is prepared to act if necessary, including considering stronger enforcement measures such as higher fines and expanded powers for the Competition and Consumer Protection Commission.
Households relying on home heating oil ‘abandoned’, says McDonald, reports RTE.
Earlier, Mary Lou McDonald said that 750,000 households dependent on home heating oil have effectively been abandoned.
Speaking during Leaders’ Questions in the Dáil, she said the Government had provided just €20 in support, which would soon be offset by carbon tax increases, reports RTE.
The Dublin Central TD urged the Government to introduce meaningful financial relief in line with her party’s proposals.
“We will not support measures that leave 750,000 households high and dry,” she said, reports RTE.
Micheál Martin responded that Sinn Féin had voted against reductions in petrol and diesel costs the previous night.
“That was the wrong thing to do,” he said, reports RTE.
Mr Martin added that extending the fuel allowance would benefit 470,000 households.
Peadar TóibÃn described the 2 cent per litre reduction in home heating oil announced by the Government as an “absolute disgrace”, reports RTE.
He said prices had surged by 85% in recent weeks, with 1,000 litres rising from €950 in February to €1,750 this week.
Mr TóibÃn said the cost of a single fill had only dropped marginally from €1,750 to €1,730 following Government intervention, reports RTE.
“I think it’s an atrocious insult to hardworking families in this country, an absolute disgrace,” he said.
He cited the case of a nurse unable to afford basic necessities for her children due to rising heating oil costs, reports RTE.
He said: “One nurse contacted my office and said they haven’t been able to refuel their home because of the price. Their family has been going to bed early to keep warm at night.
“The family doesn’t drink, smoke, get takeaways, go out.
“She’s embarrassed because she can’t afford the basic necessities for her family at the moment”, reports RTE.
Mr TóibÃn said this did not reflect the full picture, noting that the Government still plans to increase the price of home heating oil by 2 cent per litre.
“So you seek, in the teeth of this hardship on families, the net result of your tax actions in a month will actually to be marginally increase the tax on home heating oil in this country,” he said, reports RTE.
“Families are crushed by this energy crisis,” he added.
Responding, the Taoiseach said rising prices are due to the war and the closure of the Strait of Hormuz rather than Government policy, reports RTE.
Mr Martin said prices have still not reached the levels seen after Russia’s invasion of Ukraine.
He also pointed to the four-week extension of the fuel allowance, which he said would support around 470,000 people, reports RTE.
Mr Martin added that it is still early in the year and uncertainty remains about what measures may be needed ahead of winter.
He said: “Hopefully this war ends very quickly, and should end very quickly.
“That’s what we want but we don’t know what’s going to happen in respect of that.
“We also have to prepare for a Budget and keep our resources in reserve”, reports RTE.
Mr Martin said the €250 million support package announced by the Government is among the largest in Europe.
Darragh O’Brien has called for unanimous backing of a bill aimed at further reducing fuel costs, reports RTE.
He has introduced the National Oil Reserves Agency (NORA) (Amendment) Bill in the Dáil for its second stage.
The bill is expected to complete its passage through the Oireachtas later tonight, reports RTE.
It proposes suspending the NORA levy, cutting fuel prices by 2 cent per litre, following excise reductions introduced the previous night.
“I’m acutely aware of the pressures being faced by Irish businesses and households,” he said, reports RTE.
“The bill is being progressed as a critical response to the ongoing Middle East crisis,” he added.
The minister said the reduction will apply from 1 April 2026 to 1 June this year, reports RTE.
He criticised what he described as “opposition for opposition’s sake”, noting that Sinn Féin opposed excise duty reductions passed by the Dáil.
Pa Daly said the main issue raised by constituents in Kerry is the doubling in home heating oil costs, reports RTE.
Deputy Daly described the Government’s response as insufficient and reluctant.
“And in truth, the Government was perfectly content to ride this one out, leaving workers and families high and dry, but relentless pressure and massive public anger forced the Government to act,” he said, reports RTE.
He said the Government had made “a political choice” to abandon workers and families rather than adopt Sinn Féin’s proposals.
“People are choosing between heating and food,” he said.
“Workers are trapped in cars they can’t afford to fill because there’s no alternative,” he added, reports RTE.
Several Sinn Féin TDs, including Pearse Doherty and Matt Carthy, echoed similar concerns about those reliant on cars.
“This Government will be remembered as the Government of fuel poverty,” Rose Conway-Walsh warned, reports RTE.
Cian O’Callaghan raised concerns about housing for people with intellectual disabilities once their elderly parents or carers die, highlighting the issue raised by the Before We Die.
“Parents have no idea what will happen to their son or daughter when the die, there are no plans and no certainty about where they will be kept,” he said, reports RTE.
He questioned what kind of country allows such uncertainty and asked what steps the Government will take to address the issue.
Mr O’Callaghan said elderly parents in their 70s, 80s and 90s are providing full-time care for adult children with intellectual disabilities, often without any clear plan for future care once they pass away, reports RTE.
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