The Minister for Public Expenditure says the capping of fuel prices will not work.
Minsiter Michael McGrath says the Government will keep fuel prices under review and says they are listening to the real life experiences and hardhsip this is causing people but says there is a limit on what they can do to help.
He says the reduction of excise duty on fuel will help with the rising prices and says if any company is price gouging or engaging in anti competitive practices they should be dealt with by the Competition and Consumer Protection body.
Speaking on the Neil Prendeville Show on Cork's RedFM the Minister described the capping of fuel prices as a "simplistic solution that will get us into a lot more trouble".
"Looking to impose a fixed price, or a cap, on a commodity that we do not own in Ireland, that we rely on imports entirely coming into Ireland, will not work.
"If you put a cap on that price, you will end up in my view with a shortage of supply, and you will end up with queues at petrol stations.
"There are many markets around the world that are looking for oil and oil based products at the moment, and they will pay the higher price, and if we're not prepare to we will not get the supply.
"That is my view, I do not believe that it would work, and I think that it is a simplistic situation that will get us into a lot more trouble."
