Minister for Public Expenditure Michael McGrath has said that the Government does not fully control the cost of fuel at the pumps. “We are not the only player on this pitch.”
Details of fuel reductions will be finalised at an incorporeal meeting of the Cabinet on Wednesday morning, he told Newstalk Breakfast. But it was only the tax elements of the cost of the fuel that the Government controlled.
“I believe we can make a contribution towards easing the burden. These are extraordinary times.”
The measure to help reduce the cost of fuel was not about “chasing inflation” he said. It was about the day-to-day reality facing people of significant increases in costs.
“As a Government we have a responsibility to protect society.”
Mr McGrath added that the issue could not be looked at solely through an economic prism.
“We are in unprecedented times.”
The Minister said that he believed the Government would get the balance right and would keep the issue (of fuel prices) under review. “We are in a wartime scenario.”
The old rules were “out the window”, governments had to respond, decisions were not being made lightly, there were consequences to decisions.
“There will be a price to be paid – by all of us.”
When asked what the cost of assisting refugees would be, Mr McGrath said that Ireland had an obligation and would help, significant costs would be incurred, but it was difficult to estimate a final cost, it could be “hundreds of millions”.
The Minister said he remained optimistic that the economic impact would be managed as the economic recovery in Ireland had already been underway, however, he acknowledged that global economic conditions would have an impact on Ireland.
