Fuel prices could reach more than €2 per litre at garage forecourts in a matter of weeks, according to the head of an Irish fossil fuel exploration company.
The suspension of the Nordstream 2 pipeline along with international tensions around the situation in Ukraine will likely fuel further inflation.
Taoiseach Micheál Martin has said international sanctions on Russia will have a further impact.
Managing Director of Petrel Resources David Horgan says it means prices for the consumer are only going one way.
“What you’re seeing in the market is that the price is up about 27% over the last 6 weeks.
“And it takes about 6 weeks for the price to feed through to feature at the pumps here in Ireland.
“If you take into account the high excess duties, carbon taxes and VAT it implies a price of over €2 per litre at the pump within a matter of weeks.”