Minister asks for ‘urgent’ oil-prices probe
The Minister for Enterprise, Tourism and Employment has asked the competition watchdog to “urgently investigate” concerns about reports of alleged ‘price gouging’ on home heating oil, petrol, and diesel.
The Competition and Consumer Protection Commission (CCPC) said that a number of consumers had contacted it querying the legality of price increases in home heating oil.
Minister Peter Burke also urged consumers to report any suspected breaches of competition or consumer law to the CCPC.
Whistle-blowing service
“A confidential whistle-blowing service is also available for reports of suspected cartel behaviour,” he added.
The minister said that the CCPC had assured him that any complaints would be “carefully and urgently assessed”.
He added that the CCPC could impose fines of up €10 million in certain circumstances of breaches, or 10% of a company’s turnover.
Law ‘clear’
The CCPC said that the law on price increases was clear.
“Companies can set, and increase, their own prices but they must do so independently. Prices must be clearly communicated to consumers in advance of any sale,” it stated.
The CCPC pointed out that there was no legal obligation on companies to set their prices at a level that consumers would consider fair.
“However, equally, consumers can and should take their business elsewhere where they are treated poorly,” it added.