Consumers facing winter of discontent amid soaring prices
Irish consumers face rising costs for fuel and energy as global oil prices remain volatile due to Middle Eastern conflicts. The government plans to phase out temporary excise duty cuts by the end of the year, likely leading to further price increases at the pump.
Why it matters
The combination of expiring government subsidies and global market instability threatens to exacerbate the cost-of-living crisis for households.
Agriculture & Consumer Affairs Correspondent
Consumers have been hit by repeated price shocks across the board over the past few years; punctuated by multiple energy price hikes, the rising cost of food, and more recently a spike in fuel prices.
And with the increases showing no sign of relenting, before the year is out they could be paying even more at fuel pumps, on energy bills, and at supermarket check-outs.
Just before the US began its strikes on Iran at the end of February, a barrel of brent crude oil (the industry benchmark) was costing around $73.
But two months of sustained conflict in the Middle East saw oil spike to $114 a barrel in May, before falling back below $72 at the start of this month - while now it's hovering near the $85 a barrel mark.
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