Petrol could rise by up to 35c per litre over the coming weeks.
The price of crude oil has soared to over $80 (€67.84) per barrel for the first time in four years.
It comes on the back of concerns about supply an demand globally.
David Horgan of Petrol Resources says price hikes will filter through to the Irish market.
"It takes about 60 days normally for the crisis to seep through and what you see is the crude price up by 20%, more or less stable exchange rate," he said.
"If you add all that from the Irish Exchequer, that equates to about 25%.