IPRA: No end in sight for high petrol and diesel prices

The Irish Petrol and Retail Association has today said that the price of fuel is not going to come down anytime soon.

The cost of petrol and diesel is now at a record high, at 162.1c and almost 158 cent per litre, respectively.

Petrol is now 5 cent more expensive then it was in February, while the cost of diesel has risen by 3 cent in the past month alone.

Oil prices have shown steady gains even since the start of this year.

Unleaded up about 20% on wholesale price, and diesel is up 12%.

Spokesperson for the Irish Petrol Retail Association (IPRA) David Blevings said that the cost of oil is to blame.

"The vast majority of this is down to speculation," he said.

"The current driver in the market is fears over Iran.

"As you know there are sanctions pending against Iran on July 1 and traders believe that this could mean a restriction in oil availability, and this is pushing the price higher."