Competition authority finds no breaches of the law relating to fuel price hikes despite hundreds of complaints

CCPC Chair Brian McHugh said the “distress and concern” they’ve heard from consumers is “very real” with a large number of consumers suspecting that recent price increases “were illegal and motivated in significant part to increase profits”.

The competition authority has said that it has not seen any breaches of the law relating to the recent surge in fuel costs after receiving over 900 complaints about the price hikes since the start of last month.

The Competition and Consumer Protection Commission (CCPC) published an analysis that found the sharp increase in prices were being driven by wholesale costs resulting from the war in Iran and the subsequent closure of the Strait of Hormuz where 20% of the world’s oil supplies pass through.