Oil prices spiral ‘out of control’, as cost of war in Iran continues to hit home

Inishowen families are facing enormous pressure from huge price increases in home heating oil, as the cost of the ongoing war in Iran and the wider Middle East region continues to hit home.

The price of 500 litres of kerosene had rocketed to around €850 by yesterday morning, Monday, March 9 – a massive 70 per cent jump on the week before – with no signs of the increases slowing down.

Brent crude futures were up $15.51, or 16.7 per cent, at $108.20 per barrel early yesterday morning, on track for the biggest-ever jump in a single day, after US-Israeli missiles had struck major oil-producing facilities in Tehran on Sunday.

And with prices at the local diesel and petrol pumps closing in on €2 per litre – the highest since March 2022 in the wake of Russia’s invasion of Ukraine – there are huge concerns around another looming cost of living crisis.

Buncrana County Councillor Joy Beard says local families were already at breaking point before these latest increases.

“Many households are already struggling, and increases like these are simply becoming unaffordable.”

The 100% Redress Councillor warns that those living in draughty, defective homes are among the worst off.

“Families living in homes damaged by defective concrete blocks are already facing huge heating bills. Because of the cracks in the walls, the cold and damp enter the home while heat escapes, meaning families have to burn far more heating oil simply to try to keep their homes warm.”

Cllr Beard revealed how she has written to the Tánaiste and Minister for Finance, Simon Harris, as well as Minister Darragh O’Brien, Minister for Climate, Environment and Energy and the Department of Transport, calling for urgent Government action.

“I have written to both Ministers asking that the Government urgently examine the tax burden on petrol, diesel and home heating oil, and recognise the very real pressures families in Donegal are facing.”

“These increases are placing enormous strain on households, particularly those already dealing with the defective concrete crisis.”

“These continued increases in heating oil costs are adding further anxiety for households, which simply cannot keep absorbing these rising costs,” Cllr Beard added.

The Redress Councillor also highlighted the wider impact of rising fuel costs on families across the county.

“Donegal is a vast county, and public transport options are extremely limited. For many people, driving is the only way to get to work, bring children to school, attend hospital appointments and carry out everyday tasks. Rising petrol and diesel costs are adding further pressure to already stretched household budgets.”

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Sinn Fein Cllr Jack Murray warns that fuel prices are “out of control” – and he’s calling on the coalition to “make a choice to stand with ordinary people”.

“Fuel price increases are out of control, and the reality is that the government is taking up to 65 per cent in tax from every euro spent on fuel. At a time when families are already struggling with the cost of living, this simply isn’t sustainable.”

Cllr Murray said: “The price of essentials like home heating oil, petrol and diesel is rising sharply again as supplies come in at higher costs, driven by the ongoing illegal wars in the Middle East.”

“Diesel is now exceeding €2 per litre in some parts of the country, and people across Donegal – especially in rural areas where driving is essential – are feeling the pressure. For many households here, heating your home and getting to work or school are not luxuries. They are basic necessities.”

He added: “But these pressures are not inevitable. They are also the result of political choices. There are choices that could protect people: scrap the planned carbon tax increase, reduce taxes on petrol, diesel and home heating oil during this crisis, and bring forward real supports for working people and families who are under increasing financial strain.”

Meanwhile, An Garda Siochana has issued a warning about the increased risk of heating oil theft, and members of the public are urged to remain vigilant and to take precautions as much as possible, including fitting padlocks on oil tanks.