Oil shock at the pumps: Why petrol and heating costs are climbing so fast

Irish consumers face rising petrol, diesel and heating oil costs as Middle East conflict disrupts global supply and sends oil prices soaring

Consumers have noticed the price at the petrol and diesel pumps increasing significantly this week. Pictures: Larry Cummins

Oil prices rose this week at their sharpest rate since Russia’s invasion of Ukraine, with Irish consumers already feeling the impact of the war in the Middle East in their pockets.

With home heating oil almost doubling in price in the last week, and motorists seeing an increase at the pumps, experts said that the longer the conflict goes on, the more severe the economic impact will be around the world.