Just a day after the Taoiseach warned of further fuel price hikes, petrol has gone above the two euro a litre mark.
It follows the decision by EU leaders to cut the amount of Russian oil coming into the bloc by 90%.
Forecourts across the country are now charging up to €2.08 a litre for petrol, however, diesel prices which breached the two euro a litre mark last month, have moderated slightly.
ESRI Energy Economist Muireann Lynch says prices will keep increasing following the EU decision:
“When Europe as a whole essentially cuts itself off from its major oil supplier, that’s going to have a price impact across the continent”.
“That will feed through to Irish consumers on the forecourts and also in the likes of home heating bills and to a lesser extent through perhaps a further increase in electricity prices”.
