Motorists braced for spike in fuel prices as Opec bites

Irish motorists are set to be hit with sharp increases in their fuel costs after the price of oil reached an 18-month high.
Motorists braced for spike in fuel prices as Opec bites

Oil rose by as much as 6.5% yesterday after the Organization of the Petroleum Exporting Countries (Opec) and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices.

The price of Brent crude — which hit a session peak of $57.89 a barrel, the highest since July 2015 — is 50% higher than at this time last year, marking the largest year-on-year rise on any given day since September 2011.

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