Surging cocaine prices linked to large drug seizures

James Cox

The price of cocaine is rising due to large drug seizures in recent years, while the drug is being increasingly diluted by dealers to protect profits.

Gardaí have seized quantities of cocaine offered for sale in pubs that was below 2 per cent purity, The Irish Times reports.

That means the cocaine involved was heavily mixed with other substances.

In an interview with The Irish Times, Det Chief Supt Seamus Boland, head of the Garda Drugs and Organised Crime Bureau, said the €157 million worth of cocaine seized on the MV Matthew ship in 2023 had led to a spike in the price of the drug.

He said the cost of 1kg of cocaine increased to €40,000, from €25,000 after the record seizure.

This led to international drug traffickers losing confidence in Irish drug dealers.

“There was distrust on their side, so until they carried out their own investigations, they pulled back,” Det Chief Supt Boland said.

The Dubai-based criminals who control drug routes in Europe include Dubliner Daniel Kinahan, leader of the Kinahan cartel.