Petrol and diesel cross €2 mark in some places

Motorists and homeowners reliant on fuel all have all expressed dismay as oil prices have surged well over $100 a barrel for the first time in nearly four years.

Brent crude futures were up by $15.51 to $108.20 per barrel early this morning, with indications this could be the largest ever increase in a single day.

The escalating conflict in the Middle East has caused concern about oil security and disrupted the logistics of global supplies.

A fill of 500 litres of home heating oil rose from less than €500 to €833 in the past week. Over the weekend, prices increased at many service stations with retailers charging €1.80 for unleaded and €1.90 or sometimes almost €2 for diesel.

Since last week Irish consumers have watched as the costs of heating oil, petrol and diesel prices have shot up as a result of the conflict, with government sources saying the issue will be examined.

Homeowners will also be concerned as European gas prices are also increasing, with the Dutch TTF natural gas contract hitting €69.50 earlier this morning.

Irish hauliers held crisis talks at the weekend in Dublin and issued a stark warning to the government that they will have no choice but to mount rolling protests blocking key arteries, routes and airports in the coming days.

Hauliers have said the situation in the Middle East has highlighted Ireland’s dysfunctional market for fuel, where the government are taking over 65% of the price of a litre of petrol and over 60% of the price of a litre of diesel. Ireland is also one of a small number of member states in the EU that is charging a carbon tax of 18.74c on every litre, which will rise to 26.8c by 2030.