Irish premier Micheal Martin has said he is reluctant to set a timeframe for a decision on whether the Government will intervene to address soaring fuel prices linked to the conflict involving Iran, the United States and Israel. He said the situation remains fluid and is being kept under active review.

Households across Ireland have reported sharp increases in petrol, diesel and home heating oil costs, with parliament told that the price of 500 litres of home heating oil had effectively doubled to 800 euro in the two weeks since Iran was bombed. The Government is facing mounting pressure to respond.

Martin outlined that energy prices are shaped by four components: generation costs, grid charges, taxes and levies, and the Emissions Trading System. While member states have flexibility over taxes and levies, he stressed that any measures would be carefully targeted to support those most in need. He noted that during previous energy shocks following Russia’s invasion of Ukraine in 2022, the Government did not act immediately but monitored developments before intervening.