Bad news for Irish households as price of oil and gas rise on wholesale markets

European wholesale gas prices soared more than 30% on Tuesday.

Irish households potentially received a double whammy from global energy costs as the price of crude oil rose and European wholesale gas soared on markets on Tuesday.                               

Oil prices rose 1.5% as the group of Opec+ producers agreed to stick with their planned increase for February based on indications the Omicron coronavirus variant would have only a mild impact on demand.