The cost of a litre of petrol or diesel has crossed the psychologically important €2 on many fuel forecourts around the State.
Prices are reaching levels not seen since the summer of 2022 and the immediate aftermath of Russia’s invasion of Ukraine.
And with the price of crude oil spiking since last Friday, there are fears petrol prices could soon exceed the €2.13 per litre recorded in July 2022, with diesel prices looking increasingly certain to top the €2.05 that was seen in the same month.
The annual cost of the crisis to Irish households, meanwhile, could come close to €1,000 if the conflict is prolonged, it has been warned.
“The impact of the war will not be immediate when it comes to supermarket prices,” said TU Dublin academic and retail expert Damian O’Reilly.
“It will be felt first when it comes to petrol and diesel and then gas and electricity prices but if oil prices remain high, then that could see annual household costs cl
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