herald

Thursday 16 August 2018

Petrol prices to rise over unrest in Middle East

GRIM: We're heading for d1.55 a litre

Motorists face the prospect of another 10c rise on the cost of a litre of petrol because of the unrest in the Middle East.

Oil prices soared yesterday reaching just short of €80 a barrel, which is the highest in two-and-a-half years.

The prices are being driven up by the riots in Libya and anxieties about supply.

AA director Conor Faughnan has warned that Irish drivers, who are already paying record prices, could see petrol costs jumping to €1.55 a litre if the cost of crude oil continues to move towards the 2008 record peak of €109 a barrel.

His warning came as a convoy of trucks headed for Leinster House in a protest over fuel costs.

"There is every prospect prices at the pumps will rise in the next three weeks as these latest oil prices feed into the system and we could be talking about an increase of 10c per litre in coming months if world oil prices rise by the same amount as in 2008", he said.

Mr Faughan called on the incoming government to reduce fuel prices as a priority because further increases will have knock on effects on every sector of the economy.

The new government should immediately remove the excise increases of 4c a litre on fuel, which was introduced in the last Budget or the whole economy will suffer further, said Mr Faughnan.

The convoy of trucks, led by a group of Donegal hauliers, set off from Letterkenny on Monday to drive to Leinster House.

Organiser John McLaughlin, of JML Transport, described Donegal as the most truck-dependent county in Ireland and said the carbon tax was driving the county to its knees.

"It is time something was done to ease the burden".

The Road Haulage Association says it would be seeking a meeting with the incoming Taoiseach within the next month.

Ireland is one of the most oil-dependent countries in the world, using 50pc more oil per person than the UK which leaves the country very exposed to increased prices.

csheehy@herald.ie

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