Increases in oil and fuel prices underline the urgent need to provide the Competition and Consumer Protection Commission (CCPC) with stronger and faster enforcement powers.
That's according to local Fine Gael TD, David Maxwell.
Deputy Maxwell has said that while international tensions can have an impact on global oil markets, consumers are entitled to clarity, fairness and transparency when price increases are introduced with almost immediate effect.
He explained that fuel suppliers typically operate hedging strategies designed to smooth out short-term volatility in wholesale markets.
The Cavan-Monaghan TD said his office has been contacted by constituents reporting significant increases in home heating oil costs in recent days.
The TD claimed that in one instance, the cost for 500 litres increased by over 50 per cent in a matter of months.
Speaking on the Joe Finnegan Show this morning, Deputy Maxwell gave some examples of what his constituents have told him.
Deputy Maxwell said: "People were on on Sunday, saying 500L of oil was €495- by Monday evening, that was €650.
"I know someone who said they bought 300L of oil on Sunday for €315. By Monday it was €450. That company brought it back to €385 on Tuesday.
"A young mother who bought oil, paid for it on Sunday- 400L at €460. On Monday it went up to over €500. She got an email to say the company had no oil, they cancelled the order and said the could re-order at the higher price during the week," he added.
