“That would free up resources for the budget,” Mr Martin said, citing focuses like reducing the cost of childcare and taxation for October’s package.

“We need to create space for that too, but obviously as I said, there won’t be a cliff edge as has been alleged by some of the opposition. We’re very conscious of that volatility and we want to do this properly, but also I think companies have a role now that global prices are coming down.

“We’d like to see that reflected also in terms of companies and how they respond to the changing scenario, the better scenario that is in front of us.” 

He said it would not be a single decision, signalling a graduated unwinding of excise cuts.

Mr Martin added the decision on Tuesday would ensure any legislative measures required could be completed “in good time” before the Dáil’s summer recess.

Asked about October’s budget, Mr Martin said there are significant support packages already in place, but that proposals are being developed for reducing pressure on families, workers, as well as for people with disabilities.

He added that further investment in infrastructure would be “absolutely key” for the future of the State.

“It’s very clear to me when you talk to companies, they want faster access to rail, better road system, water and energy. Energy above all else,” Mr Martin said.

“We’re very conscious that all that has to happen and this Government will be defined, and I think in years to come will be seen as the Government that turned the dial and led a step change in the delivery of infrastructure in this country.”