Taoiseach Micheál Martin has warned against price gouging as the price of energy soars.
"There is no excuse for prices going up at the pump yesterday or indeed anywhere as our oil is coming from the North Sea," he said today.
He warned against companies taking unfair advantage of Irish consumers.
He added that there will be economic implications from the conflict in the Middle East if it continues.
The price of Brent oil rose more than 4% today for a third day of gains as the widening US-Israeli conflict with Iran and threats to shipping via the Strait of Hormuz heightened fears of supply disruptions from the key Middle East producing region.
Meanwhile, Minister of State at the Department of Foreign Affairs Neale Richmond said today that energy companies are looking at an extremely volatile situation that has escalated rapidly over the past four days.
He said the Commission for Regulation of Utilities needs to keep a watchful brief and report back in due course, but that as it's only four days in, an open mind should be kept.
Despite this, he said, there will be very serious economic impacts for Ireland.
"The Government will keep an open mind in relation to any supports needed for the Irish people," he said.
"Perhaps it's a bit premature to be getting into that right now," he added.
