A recommendation on the ban on below-cost selling is to be brought to the Cabinet by Minister for Enterprise, Trade and Employment Micheál Martin by the end of October.
Mr Martin told the Dáil that a public consultation process, following the consumer strategy group's recommendation that the Groceries Order should be revoked, had generated over 550 submissions.
"These were received from a wide range of parties, including trade groups, producers, retailers as well as a significant number from the public."
He said if it was decided that the order should be amended or revoked, then primary legislation would be necessary.
He said any such legislation could be effective through an amendment to the Competition Act 2002.
Fine Gael spokesman Phil Hogan said the Minister had taken a long time to consider the issue, and there was a need for clarity and an early decision because of the uncertainty.
Mr Martin replied that a decision would be made in October.
"It was important to allow a two-month public consultation programme prior to July 31st, as we did."
The Minister said the Government would not set prices and act as a price-controlling agency.
"However, we can empower the consumer to an extent that has not been done historically."
He was replying to Labour spokesman Brendan Howlin, who said that serious concern had been expressed in recent months by consumers at prices and general cost-of-living issues.
This was reflected by the public reaction to "rip-off republic" television programmes.
Mr Martin said he was aware of the concerns expressed in several quarters about the price of certain goods and services and, in particular the belief among many consumers that they were not getting a fair deal.
"Notwithstanding the fact that the latest returns show that inflation continues to moderate, the Government is concerned that consumers are not getting value in a number of areas."
Mr Howlin said there had been a 100 per cent increase in VHI charges, a 25 per cent increase in gas charges to be introduced in October, and a 44 per cent rise in electricity charges since 2002.
Mr Martin said the Government was not pretending there was a low-tax economy.
However he said Ireland came first out of 15 countries - and did well in any international comparison - in terms of low income tax.
