Irish households are likely to face increased energy costs as Taoiseach Micheál Martin has warned of “challenging” times ahead after the EU placed a ban on importing Russian oil.
Speaking in Brussels on Tuesday morning after the EU decided to end EU dependency on Russian oil and gas, Mr Martin said we were now entering a “new era.”
He told reporters: “There's no point in saying anything other than that it will be challenging.
"We are looking at a different era now in terms of pricing around fossil fuels.
"It will hit Russia and clearly there will be significant challenges for some member states which have to be taken into account.
“The war has really exacerbated this and created huge pressure.
“And there's no doubt in my mind that it was part of Putin's strategy to create an energy crisis and then to create a food crisis."
Mr Martin said the Government will do “everything we can to alleviate the pressures on consumers,” however, further financial measures to help households are not expected before the Budget in October.
He said the decision taken by the EU late on Monday night to end all Russian oil and gas imports was “a watershed moment” but that it will make for a "rocky territory ahead" for Irish consumers.
He said that Ireland must double down on renewables and move faster on offshore wind.
Mr Martin said: "One is looking at a different era now in the price of fossil fuels.
"I think we're going to work hard to create alternative forms of energy.
“We've done well in Ireland on electricity but we have to move faster.
We will do all we can to alleviate pressure on consumers.
“If we reduce dependence on Russian oil it will be challenging."
The Taoiseach added that the government is working with partners to find solutions to increasing inflation pressures on households.
