Price ‘Gouging’ – ICMSA say Govt behaving like a “mildly disapproving spectator”

The President of ICMSA, Denis Drennan, said that the association was “inundated” with calls from farmers complaining about “flagrant” price-gouging and price-jacking. Mr. Drennan said that there were instances of farmers who had received calls on Monday informing them that quotations for fuel they had received the previous Friday were now to be disregarded and they could expect to pay 25% more than had been originally quoted. The farm leader said that people were infuriated as they knew perfectly well that the suppliers had themselves not paid the new higher ‘war’ prices and were merely using the outbreak of hostilities as an opportunity to ‘gouge’ their customers.

Mr. Drennan said that the only thing that was more irritating than being “held ransom” by greedy and unscrupulous suppliers and companies was the sight of the Irish Government standing to one side “twisting its hat in its hand” and pleading with the suppliers to show a bit of restraint.

“Are we ever going to see the Irish Government tell a supplier or utility that they are categorically not to raise prices till their existing stock – which was purchased at the ‘old’ lower prices – is exhausted and that the Government will be monitoring closely that situation? It’s just slightly pathetic to see and hear ministers saying that companies ‘shouldn’t’ be using wars as an opportunity to price-gouge when that is exactly what is happening, certainly in the fuel markets and increasingly on fertiliser, too. We have prices jumping by 20% to 25% from midnight on the day that hostilities broke out and then taking months to fall back to their original price when those hostilities end and normal supply can be resumed.  People see it and are entitled to ask why the Government seems content to act as a mildly disapproving spectator; we need to see categorical instructions that prices are not to be raised on existing stocks and if that’s too difficult for the Government to contemplate or supervise, then we need to Government to temporarily reduce its own ‘take’ on fuel to offset the companies’ inclination to price-gouge”, said Mr. Drennan.

Ends      4 March 2026

Denis Drennan, 086-8389401

President, ICMSA.

Or

Cathal MacCarthy, 087-6168758

ICMSA Press Office