Tánaiste Simon Harris has said the energy crisis we are living through now "is the worst the world has ever seen".
Diesel and petrol prices have soared in the wake of the US-Israeli war on Iran.
Recent Government measures on excise duties have led to some price decreases at the pump.
However, prices have surged to around €2.14 per litre for diesel and roughly €1.91 per litre for petrol, with higher prices in some places.
Speaking outside the GPO following a 1916 Easter Rising commemoration, Mr Harris said he will hold a specific leaders' meeting on Wednesday, along with the Taoiseach Micheál Martin and Minister Seán Canney, dedicated to the issue of energy.
He said it is "really important that day in, day out, hour in, hour out, Government works intensively with colleagues across Government and State agencies and across the world as we seek to navigate this".
He said the leaders' meeting will be "a really important opportunity for us to be briefed and take stock on where we are at from an energy supply, energy security point-of-view".
Read more: Calls for Dáil to be recalled to address fuel crisis
When asked if Ireland plans to implement fuel rations as an emergency measure like in several other countries, Mr Harris said the advice to the Government has been that there is not a particular concern around supply.
"However, we have got to context that by saying that the situation is obviously fast-evolving. We are continuing to see this war evolve. We are continuing to see damage to energy infrastructure," he said.
He said it is also prudent that advice be issued to households and businesses on conserving energy.
"It is a very different crisis in the summer months than it can be in the winter months.
"So, obviously, we hope to see this war end. It is true to say there is an economic challenge no matter what happens.
"The economic challenge is easier to manage if the war comes to an end," he said.
Mr Harris said it was an unfortunate statement of fact that there is no Government in the world that can absorb the economic impact of the Iran war.
"But the Irish Government is well placed to assist our citizens," he said.
"We stand ready to consider further measures in the time ahead.
"But I have got to be honest with people, we have to prepare, not just for the days ahead, but for the months ahead, for the year ahead," he said.
People are 'really hurting', says Sinn Féin
Sinn Féin said people are "really hurting" and reiterated its call for the Dáil to be recalled amid ongoing uncertainty over energy prices.
"This is incredibly serious," Sinn Féin's spokesperson for Social Protection Louise O'Reilly said.
"I was out this weekend talking to families in my own constituency, and they are really, really feeling the pinch, not alone in households, but also in businesses, in key sectors of our economy and right across the state, workers and families are under incredible pressure," she said.
Ms O'Reilly was attending Sinn Féin's Commemoration of the 1916 Rising at Arbour Hill, the burial site of 14 leaders of the rising who were executed.
"20 days is the length of the (Easter) recess in the midst of an unprecedented crisis, people are looking to the Dáil, they're looking to the government, they're looking for leadership. What they get is silence," she said.
"It's not for Simon Harris to decide when people are having a crisis," Ms O'Reilly added, "families, workers and key sectors of our economy are in crisis at the moment".
Director of Retail Ireland Arnold Dillon told RTÉ News that "retailers are deeply concerned at the cost implications of the recent unrest in the Middle East" and how that may impact prices.
Mr Dillon said that while "the Government has introduced some important steps for business," he believed "far more significant interventions" may be needed, if the challenges posed by the war persist "over the coming weeks and months".
Setting out these challenges, he said there was "the immediate cost for fuel, in terms of transporting goods and produce around the country" and the impact of such costs on the supply chain and on pricing.
"It's probably too early to say exactly what the implications will be for prices into the future, but clearly any of these concerns will have an upward potential price pressure," Mr Dillon said.
He said retailers were also concerned about the potential negative impact on "consumer sentiment and the damping effect that that might have on sales and economic performance into the future."
Mr Dillon said that the sector had hoped that, following years of challenging inflation, 2026 might see an easing of inflationary pressures.
"I think, unfortunately, that may no longer be the case," he said.
Difficult to change people's behaviour around energy consumption - ESRI
Meanwhile, the head of the Economic and Social Research Institute's behavioural research unit said it is difficult to get people to change their behaviour to conserve fuel amid rising costs brought on by the Iran war.
It comes as the Government is expected to launch a public information campaign in the coming weeks to encourage people to conserve energy in response to spiking fuel prices and fears over supply shortages.
Practical steps such as using public transport and washing clothes in the night are likely to be among the suggestions. Measures such as reducing speed limits and limiting car journeys are also reportedly in the mix.
Speaking on RTÉ's This Week programme, Professor Pete Lunn said it may be difficult for people to change habits when there are no "obvious substitutes".
"If you are using vehicles for work or are in a situation where you have no alternative but to drive, it is very difficult to change your behaviour or respond," he said.
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However, Prof Lunn said there are some opportunities to conserve energy, such as carrying out some errands at the same time instead of on separate car journeys.
He said people would drive a lot less if every time they had to travel, they had to hand over cash, showing directly how much it costs.
"Driving is a buy now, pay later decision," he said, adding that people’s behaviour does not adjust when it comes to driving their cars.
He said if there were reductions in public transport fares, it would be far more likely to change people’s behaviour.
Chief Economist with the Institute of International and European Affairs Dan O'Brien has said the Middle East crisis would "have to get a lot worse" before the world gets "anywhere close to the possibility of a recession".
It comes as The Sunday Independent reported that the country is braced for a recession due to the fallout from the Iran war.
When asked if the media are out of step with how it is covering the Iran war and its fallout, Mr O'Brien said there is a big fear that there will be a repeat of what happened four years ago with a really significant bout of inflation.
Speaking on the same programme, Mr O’Brien said: "A lot of it is to do with what they call a recency bias.
"The last time there was a major war and energy prices went up, it also coincided with a big rise in inflation.
"It was mostly to do with the pandemic, the war in Ukraine made it worse … there is a fear that is happening again."
Mr O’Brien said economists have not changed their forecasts much for inflation or growth.
