Expert warns of 'nasty increases' in petrol prices in coming weeks

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%.

There are nasty increases coming down the pipeline if these increasing costs are passed on to the punters, up to 35c a litre.

Digital Desk

More in this Section

Comment: New York dodged a bullet as Amazon cancels expensive HQ plan for city

UK to launch new review of auditors

Goods exports to Britain fall as imports rise in 2018

Sterling traders mull effects of May’s latest defeat


Away with red tape!

Review: Post Malone in Dublin - Not music to change your life but tremendous fun

Review: Ariana Grande - Thank U, Next is a rollercoaster you’ll want to stay with

Travel digest with Barry Coughlan

More From The Irish Examiner