The Government is seeking emergency powers to take over the oil supply in the event of a national crisis.
The Environment Minister Eamon Ryan will today tell his Cabinet colleagues that, while a severe oil crisis is unlikely, the Government must be prepared to act.
The Oil Emergency Contingency Bill 2022 has yet to be fully drafted; however, it is likely to hand Government the power to place a cap on the amount of fuel that can be purchased at the pump.
It could also include a strategy for limiting the sale of fuel to certain emergency professions.
It comes after the Government's Energy Security Emergency Group drew up emergency plans to keep essential industries ticking over in the face of a fuel crisis.
The plans include limiting drivers to between 15 and 20 litres of fuel and limiting fuel to around 40 categories of emergency and essential workers.
Anyone not deemed an essential worker would face severe limits on the amount of fuel they can purchase.
Meanwhile, non-essential workers would be ordered to work from home.
The wording of the new bill is likely to be sweeping but non-specific in the actions the Government could take with the new powers.
Minister Ryan will tell his colleagues it is unlikely the powers will be needed as Ireland has adequate oil reserves.
Ireland’s National Oil Reserves Agency (Nora) currently holds approximately 85 days of oil stock – which includes considerable quantities of home-heating kerosene which can be used in emergency situations.
Meanwhile, commercial stocks can hold a maximum of two to three weeks' supply at any one time.
Additional reporting Sean Defoe and Michael Staines.