Ireland set for months of high fuel prices even if war in Middle East ended today

Mr Trump threatened widespread destruction of Iran’s energy resources and other vital infrastructure, including desalination plants, if a deal to end the war with Tehran is not reached “shortly”.

Ireland is set for months of high fuel prices, even if the war in the Middle East ended today, according to the Chief Executive of Fuels for Ireland. 

It comes as Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday, while US President Donald Trump warned the US would obliterate Iran’s energy plants and oil wells if it did not open the Strait of Hormuz.

Mr Trump threatened widespread destruction of Iran’s energy resources and other vital infrastructure, including desalination plants, if a deal to end the war with Tehran is not reached “shortly”.

Kevin McPartland said: "If Donald Trump, Benjamin Netanyahu, and the Supreme Leader of Iran kissed and made up at lunchtime today, we would still have a problem going on for a long period of time, months, possibly years, because five per cent to 10 per cent of the world's global refining capacity has been impacted by the war.

"Every attack on a refinery or a terminal is adding to the delays", he told Newstalk Breakfast.

"For every attack there will be pipes and machinery that will have to be rebuilt, all of which takes a long time."

McPartland added that supply and prices were two different issues. At present supply was not an issue, but the issue was “can we afford it?” 

"This was going to be an issue for a long time", he warned; however, he did not think rationing was likely. 

“I recognise that high fuel prices are really hurting people, but Ireland is a wealthy country. We're in a far better situation than a lot of others because, for at least a period of time, cash will be king. If we can afford it, we can get it," he added. 

It comes as the Tánaiste warned that the current energy crisis is worse than the last three oil and gas crises combined and is “worsening by the day”.

While insisting that “no country will be immune” from the impacts of the ongoing war on Iran, Simon Harris insisted that implementing rationing or travel restrictions is not under consideration.

The Government cut excise duties on petrol and diesel last week by 15c and 20c, respectively. Reductions to the NORA levy will see these cuts increased to 17c and 22c.

These cuts are being negated, however, by higher prices caused by strikes between Israel and Iran targeting energy infrastructure.