Petrol prices likely to remain high: BoI research bulletin

The price of petrol can only fall substantially if the global economy slows sharply or if refinery capacity expands, according to the latest Bank of Ireland global markets economic research bulletin.

The latter is not possible in the short-term and it will require a much steeper increase in oil prices to seriously slow the buoyant levels of global economic activity. Therefore, it is likely that petrol prices will remain at their current levels or even rise further in the short term, said the bank's chief economist Dan McLaughlin.