Petrol follows diesel in climbing to over €2 a litre

Petrol follows diesel in climbing to over €2 a litre
Petrol prices have breached the €2-a-litre mark as the Taoiseach warned of a new era of price hikes.

It comes as inflation hits a near 40-year high and unions step up demands for pay rises to meet soaring living costs.

Micheál Martin gave his most stark assessment yet of continuing inflation, after it reached 8.2% in May.

Prices are going to continue going up this year, the Taoiseach said in Brussels.

“Prices will go up. We don’t have specifics on by how much,” Mr Martin said after an EU summit meeting.

He said we were facing into a different era in terms of pricing around fossil fuels.

In the space of the last 12 months, the price of diesel has jumped by an unprecedented 41pc while the price of petrol rose by 31pc.

Petrol has breached the €2-per-litre ceiling at many filling stations in recent weeks but it stands at a national average of €1.91.9 per litre.

Meanwhile, diesel, which has previously broken beyond the €2 ceiling, has fallen back slightly and now stands at a national average of €1.94.6 per litre.

Fuel prices around the country remain volatile since the Russian invasion of Ukraine. Within days of being introduced in March, the Government’s excise cut of 20c per litre on petrol and 15c on diesel was wiped out.

Anna Cullen, spokesperson for AA Ireland, outlined the extent of the crude oil price rise. “It is now at $120 (€111.75) per barrel. This is the highest price we’ve seen in two months,” she said.

“The jump in prices is mainly after EU leaders reached an agreement late on Monday to ban 90% of Russian crude by the end of the year.

“For people who rely on their cars, they’re spending around €500 more than they were last year to fill up.”