Fuel prices set to skyrocket again as prices could approach €2-a-litre in some counties
Prices hit €1.73-a-litre for both petrol and diesel on March 31 here, with further increases expected imminently
The possibility of petrol and diesel prices breaking the €2-a-litre mark is looking increasingly likely in the coming months.
Standard crude oil is expected to pass the high price of $100 a barrel soon, approaching the previous price spike in 2022. The last time prices for barrels rose this high, prices at the pumps went over the €2 threshold.
The price of crude had already risen 20% since the start of the year, and widespread conflict and unrest across the Middle East has left experts expecting spiralling prices.
High prices of €1.85-a-litre can already be seen in petrol stations in Dublin, Galway, Kildare and Roscommon. Average petrol and diesel prices are marginally lower, but are expected to raise nationwide soon.
This is bad news for Irish motorists, with excise duty, a tax on goods which was cut in the wake of the energy crisis sparked by the Ukraine invasion, expected to be fully restored by the start of August.