Tánaiste Simon Harris has said that the Government will be nimble and is prepared to intervene and provide supports again if necessary depending on the direction of events in the Middle East.
Mr Harris told his parliamentary party meeting this evening that the instability caused by the war in Iran should not be underestimated and that the Department of Finance will present him with an updated macro-economic forecast next month.
The Fine Gael leader met today with the Governor of the Central Bank, Gabriel Makhlouf, where they discussed the current geopolitical situation in light of the ongoing war in the Middle East and its potential impact on the Irish economy.
Addressing the meeting, the Minister for Finance noted that the Irish economy is in a strong position with financial buffers built up due to careful economic management.
But, the Tánaiste said, this needs to be seen in the context of Ireland having an open trading economy and one that is not immune from financial shocks.
The meeting with the Governor of the Central Bank is in advance of the publication of its macro-economic forecasts, being released tomorrow.
The Tánaiste told TDs and Senators he is working with his own Department in finalising a revised economic forecast that will be published in Mid-April.
Mr Harris confirmed he will attend a meeting of European Finance Ministers (Eurogroup) on Friday, where he intends to call for a more urgent and coordinated European response to current economic pressures.
This will include raising concerns around potential profiteering, the experience of other countries and what options can be considered.
The Tánaiste emphasised that there can be no tolerance for opportunistic price increases.
He said Government is prepared to act if necessary including examining stronger enforcement measures such as increased fines and enhancing the powers of the Competition and Consumer Protection Commission.
Households relying on home heating oil 'abandoned', says McDonald
Earlier, Sinn Féin leader Mary Lou McDonald said the 750,000 households which rely on home heating oil have been abandoned.
Speaking during Leaders' Questions in the Dáil, Ms McDonald said the Government had given these people a lousy €20 which they will take back in the carbon tax in a few weeks.
The Dublin Central TD called on the Government to give these families real financial relief along the lines of what her party is proposing.
"We will not support measures that leave 750,000 households high and dry," she said.
Taoiseach Micheál Martin said the bottom line is that Sinn Féin voted against reductions in the cost of petrol and diesel last night.
"That was the wrong thing to do," he said.
Mr Martin added the extension of the fuel allowance will benefit 470,000 households.
Aontú leader Peadar Tóibín has described the 2 cent reduction for a litre of home heating oil announced yesterday as an "absolute disgrace".
He said in recent weeks, the price of home heating oil has shot up by 85%, with the price of 1,000 litres going from €950 in February to €1,750 this week.
Mr Tóibín said the price for a single fill of home heating oil has now gone from €1,750 to €1,730 following the Government intervention.
"I think it's an atrocious insult to hardworking families in this country, an absolute disgrace," he said.
Mr Tóibín raised the case of a nurse who can no longer afford basic necessities for her children as a result of the price increase in home heating oil.
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."
Mr Tóibín said this was not even the full picture, adding the Government still planned to raise the price of a litre of home heating oil by 2 cent.
"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.
"Families are crushed by this energy crisis," he added.
Responding, the Taoiseach said the price of home heating oil has risen because of the war and the closure of the Strait of Hormuz not because of the Government.
Mr Martin said the price still has not reached the level seen when Russia invaded Ukraine in 2022.
He also said Mr Tóibín had ignored the extension of the fuel allowance by four weeks, which will help around 470,000 people to deal with the price of home heating oil.
Mr Martin added it was still only March and the Government did not know what was around the corner in terms of what measures will be required ahead of the coming 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."
Mr Martin added the €250m support package announced by the Government yesterday was one of the largest in Europe.
Minister appeals for support for bill to reduce fuel costs
The Minister for Transport has appealed for unanimous support for a bill which would further reduce fuel costs.
Darragh O'Brien has presented the National Oil Reserves Agency (NORA) (Amendment) Bill to the Dáil for its second stage.
It is scheduled to complete its journey through the Oireachtas later tonight.
It entails suspending the NORA levy, thus reducing the cost for customers by 2 cent per litre and follows excise cuts introduced last night.
"I'm acutely aware of the pressures being faced by Irish businesses and households," he said.
"The bill is being progressed as a critical response to the ongoing Middle East crisis," he added.
The minister said "the reduction will come into effect from 1 April 2026 to 1 June this year".
He criticised what he called "opposition for opposition’s sake" when Sinn Féin "actually opposed the reduction in excise duty", which was overwhelmingly passed by the Dáil last night.
Sinn Féin TD Pa Daly responded the "largest complaint" he has been receiving in his Kerry constituency is of home heating oil "doubling in cost".
Deputy Daly dismissed the Government’s response as inadequate and grudgingly given.
"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.
Mr Daly said the Government has made "a political choice, a choice to abandon millions of workers and families crippled under the weight of this crisis" rather than endorsing Sinn Féin’s proposed supports.
"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.
Several of his party colleagues, including Pearse Doherty and Matt Carthy, made similar points, citing the plight of those who have no choice but to use their cars.
"This Government will be remembered as the Government of fuel poverty," Sinn Féin TD Rose Conway-Walsh warned.
Clarity sought on housing for people with intellectual disabilities
Social Democrats deputy leader Cian O'Callaghan asked the Taoiseach about the provision for housing for people with intellectual disability after their elderly parents and carers die as issue being highlighted by the Before We Die campaign.
"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.
He demanded to know what sort of country treats it citizens like this and what is the Government going to do to fix it.
Mr O'Callaghan said elderly parents in their 70s, 80s, and 90s are caring full-time for their intellectually disabled adult children and when parents die, their children are left with no plan in place for their care.
He said ringfenced funding is needed to build places for them.
Mr Martin said it is a very important issue that he will put on the agenda of the next Cabinet sub-committee meeting on disability.
He said it is "a very, very important matter" and he was met with the Before We Die campaign.
Mr Martin added that there is investment ongoing to create additional places.
However, the Taoiseach said it involves more than additional investment and there are "many elderly parents who are very distressed and very anxious, understandably".
He added a coordinated approach is needed to deal with the matter.
