The Tánsiste has said the Government will work over the weekend to bring forward a series of measures by next Tuesday to address the rising costs of fuel.
It comes as oil prices gained again today with Brent futures rising to $1.20, or 1.1%, to $109.85 a barrel this morning, while US West Texas Intermediate (WTI) crude added six cents, or 0.1%, to $96.20.
Simon Harris said efforts would be made to "assist people at the pump, where the price of petrol and diesel has literally gone through the roof, how we can assist those most in need, those most acutely at risk of fuel poverty, and, thirdly, how we can assist core parts of our economy, including the haulage sector, which is so vital in terms of supply chains".
Speaking to reporters in Galway, Mr Harris said: "I do need to say this also, though I need to be very honest with the people of Ireland, I have yet to meet anybody in the world who can predict with any degree of certainty where this conflict is going to go, how long it's going to go on, for the depth with which it's going to reach, and therefore the full economic consequences."
He said anything being done by Government has to be, in the first instance, for a short period of time.
Minister Harris also dismissed calls by Sinn Féin for legislation to cut excise duty on fuel for six months.
"We can bring a financial resolution that's much more speedy, much more effective. Secondly, their (Sinn Féin) proposal doesn't reference anything in relation to fuel allowance, and I do think people at risk of fuel poverty need to be in our minds as well as people at the pumps. And thirdly, I really feel very, very strongly on this, anything we do in the first instance should be a short for a short period of time."
Mr Harris added that the Government was in a position to help because the economy is "in good health".
"So, a series of measures introduced for a short period of time allows us take stock, see where the economy is at, see where our European counterparts are at. We're having a lot of engagement at European level and have an ability to adapt demand and revise as needed."
'We can't fire every bullet now'
Fianna Fáil TD Shane Moynihan has said it is important that the Government takes a "timely approach" to the introduction of measures to ease the cost of fuel prices.
Speaking to the Today with David McCullagh programme, he said: "We are only three weeks into this crisis ... we're one of the first governments in Europe that will bring together a set of measures that will assist families and households - and that's right and that's proper - but we can't fire every bullet now," he said.
"We have to make sure that whatever introductions or whatever supports we put in place are things that are sustainable, that provide assistance to the people who need it, and are ultimately sustainable in the long term."
Labour TD Marie Sherlock said it was "absolutely disgraceful" that the Government has had to be "brought kicking and screaming" to introduce measures.
She said there was already a cost-of-living crisis in Ireland before the Iran war broke out.
"People are already struggling with their gas and electricity bills. Food prices have gone up by over 25% over the last four years. The Government already in the Budget failed to respond to the cost-of-living crisis that is there and now we have what has happened over the last two-and-a-half, going on three weeks now," she said.
"We absolutely need to see emergency measures taking place ... there's families out there living from week to week who are having to make choices."
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'Looking at every lever'
Minister of State at the Department of Finance, Robert Troy, said the increase in fuel prices is "as a result of a war that was unforseen".
Speaking to RTÉ's Morning Ireland, he said the Government is "rightly taking a considered response" to how it helps people.
"But let's be very clear and upfront with people - Government have always said that they will intervene. They want to get the measures right and I think within a three week period from the war commencing, we will see a packet of measures agreed by Government next Tuesday morning," he said.
"The situation is evolving not daily, but hourly. There is a recognition that costs are prohibitive to people doing business ... we want to support businesses, we want to support individuals and we want to take targetted measures that will do that."
The minister said the Government is "looking at every lever" to see how it can make "the right intervention" while trying to avoid adding to inflationary pressures.
