Motorists are being warned of record fuel prices at the pumps due to the Russian-Ukraine border crisis.
Crude oil has risen above US$90 a barrel for the first time in eight years.
Some petrol stations have added 2c on to the price of petrol and diesel overnight, meaning motorists could be paying around €1.77 for a litre of petrol, although anecdotally lower prices can be found in Carlow and Kilkenny.
David Horgan, Managing Director of oil and gas exploring company, Petrol Resources, says the problem has been building for months: ”Everyone is focused on Ukraine and that is the immediate crisis.
”But the underlying story is that this was an accident waiting to happen, because the supply-demand balance has been tightening dramatically since late 2020 and the recovery from Covid,” he explained.
