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05 Jul 2022

Petrol prices surge past the €2 per litre mark amid inflation worries

Petrol prices surge past the €2 per litre mark amid inflation worries

Petrol prices have surged to the €2 per litre mark at some forecourts amid warnings of continued high costs for energy and fuel as the ban on Russian oil imports steps up.

These latest prices hikes come after inflation reached a near 40 year high. 

Micheál Martin gave a stark assessment of continuing inflation, after figures showed it reached 8.2pc in May.

Prices are expected to continue to rise this year and the Government has no idea by how much, the Taoiseach said in Brussels yesterday.

The Taoiseach warned on Tuesday that the country is facing a “new era” of higher fossil fuel prices after EU leaders agreed to ban most Russian oil imports.

The Taoiseach said the government will do everything it can to “alleviate the pressures” on Irish consumers.

European Union leaders agreed on Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow.

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