The Government was told the impact of sanctions had created volatility on energy prices across the globe.

Fuels for Ireland said the Government is recognising that it must use excise duty to reduce the cost of fuel to consumers. CEO Kevin McPartland said the figure announced today needs to be under regular review.

He said if prices increase further the Government has to make sure that Irish businesses are insulated from the impact.

Fuels for Ireland welcomed the move by the Government to cut excise duty, but cautioned that ”it is only going to get us back to where we were two or three days ago.”

Mr McPartland said diesel on the wholesale market went up by 22 cent yesterday

He added the reduction is not ”going to have a dramatic impact straight away.”