THE INCREASE IN fuel prices has been “driven by increases in wholesale costs”, not price gouging by individual companies, according to a new report. 

The price of home heating oil rose by 67.5% in the month between February and March and went up by 63.3% in the last year.

The Competition and Consumer Protection Commission (CCPC) has examined more than 900 complaints about price gouging from the week of 2 March, when fuel costs surged after the outbreak of war in the Middle East. 

Though they identified “a small number of questionable consumer protection practices” they “have not seen price increases that are in breach of any law”.

“Controlling prices in competitive markets is outside the scope of competition and consumer protection law. As a result, complaints relating solely to price increases would not constitute a breach of these laws. ”

The CCPC examined wholesale prices and retail prices, and reviewed home heating and road fuel markets.

They said that “the price increases seen in recent weeks were not driven by competition issues, but rather by significant increases in international wholesale costs” despite high consumer levels of “worry and concern”.

“There are no competition or consumer protection measures that can be taken to alleviate the impacts of high wholesale prices on consumers and businesses. ”

The last year has seen the largest annual increase in the price of home heating oil since September 2022, when prices increased by 83.7% year on year.

Meanwhile, the price of diesel and petrol increased by 18.1% and 7.7% respectively in March 2026 and were up by 16.5% and 5.7% respectively on March 2025.

CCPC chair Brian McHugh acknowledged the “distress and concern” was very real because “Ireland is an open market economy where businesses are free to set their own prices for goods and services”.

He said the home heating oil and road fuel markets in Ireland are “relatively competitive”

Around the country today fuel cost protests are continuing with blockades in place at depots in Galway and Limerick, as well as Cork’s oil refinery. Earlier,

Gardaí said protesters who don’t move their vehicles out of the way will “face the full rigour of the law” and the army has been called to help dismantle blockades.

Days after the war began on 3 March, Enterprise Minister Peter Burke wrote to the CCPC asking them to conduct this review. Taoiseach Micheál Martin at the time said there was “no excuse” for price gouging. 

At the time Tánaiste Simon Harris urged people to send examples they have of so-called price gouging to the CCPC.

Almost a month in to the conflict the government cut excise duty on petrol and diesel by 20c and 15c respectively.

Around 20% of the world’s oil supply passes through the Strait of Hormuz, which until a two-week ceasefire was announced on Tuesday, has been closed to ships. 

In the days after the US launched its attack on Iran, home heating oil prices surged by more than 50%.