The One-Way Street of Irish Prices

Fuel prices are climbing again, with motorists once more staring down the barrel of €2 per litre at Irish pumps. Heating oil has jumped even more dramatically, surgingby around 60 per cent in just a week, as markets react to escalating conflict involving Iran and fears about global oil supplies. For many households, it feels like a familiar story. A war breaks out, markets panic, and prices here in Ireland shoot up overnight. Petrol, energy, transport and, before long, the weekly grocery shop. But once prices go up… they rarely seem to come back down. So, what’s really going on? Why do global shocks hit Irish consumers so quickly? Are companies simply passing on higher costs — or are some taking advantage of the moment? And when governments promise to investigate possible price gouging, how easy is it to prove? On today’s podcast Ciara Doherty speaks to Dr Oliver Browne of Cork University Business School about why prices spike so fast — and why they can be so stubborn about falling again.