Diesel price warning from hauliers

A 30% INCREASE in road diesel prices will force more members of the Irish Road Haulage Association out of business, the lobby group warned last night.

IPE Brent crude oil futures plunged more than $1 a barrel to a new two-month low of $29 yesterday evening, knocked down by expectations of a short war on Iraq and further talk of tapping US strategic reserves.

Prices have fallen by almost 14% since the middle of last week as big investment funds pulled out of crude markets in anticipation a war in Iraq would start soon and end quickly.