Surge in global oil price spells bad news for Irish businesses and motorists

Fuel costs will increase into February if crude oil prices remain at current levels

Anecdotal evidence suggests that prices at the pumps in the first weeks of this month have crept higher above December's levels. Picture: Larry Cummins

Global oil prices are shooting up toward pre-pandemic levels and are set to add to costs for Irish businesses and motorists at the worst possible time, experts have warned. 

The price of benchmark Brent crude oil climbed yesterday to $56.50 (€46.30) a barrel, close to its level in Feburay before the onset of the Covid-19 crisis sent demand for oil spiralling downward.