Petrol and diesel could jump by 10c a litre in 10 days as the war in Ukraine intensifies, it was feared last night.
It comes as serious concerns emerge of a fuel crisis that could lead to queues at petrol pumps across the country.
Industry sources said: “If this supply situation is exacerbated any further, there will be an increase in the double digits. Prices could go over €2 per litre.
“There is likely to be a rapid increase and if the suppliers run low, then what’ll happen to the petrol pumps?”
A second source added: “The outlook is definitely looking like further increases in the coming days.” One retailer, Applegreen, has warned of a “substantial” increase in petrol and diesel prices for its business customers from today.
And prices for a litre of petrol have already risen to €2 at some forecourts.
AA Ireland said yesterday that petrol and diesel prices are at record levels.
A letter has been sent to Taoiseach Micheal Martin, Tanaiste Leo Varadkar and Energy Minister Eamon Ryan from the Irish Road Haulage Association which outlines “deep concerns at indications of an imminent tightening of supplies”.
The Irish Mirror understands three large shipments of fuel ordered six weeks ago have not arrived into Dublin Port.
It’s understood recent storms have added to the delay. On Thursday, fuel was rationed to wholesale suppliers at Dublin Port and hauliers didn’t get their full supply.
One source revealed the fuel in Ireland “is on a tightrope and could have a knock-on effect at the petrol pumps”.
Fianna Fail TD James O’Connor is urging Transport Minister Mr Ryan to undertake “immediate action” to increase the capacity of Ireland’s national oil reserves.
He said: “The continued deterioration of international security should be sounding alarm bells within the Department of Transport.” A spokesman for Mr Ryan stated: “It is the Department’s understanding Fuels for Ireland, and its member companies, are fully confident in their ability to meet normal fuel demands now and over the coming months.
“The Department can confirm that the National Oil Reserves Agency currently holds just over 90 days of strategic oil reserves.NORA have confirmed that 85% of these supplies are held on the island.
“Given the challenges facing our supply chain, Ireland is more exposed than continental Europe in relation to resupply of raw materials including oil.”
IRHA President Eugene Drennan has written to the Taoiseach, Mr Varadkar and Minister Ryan warning them about fuel shortage fears. The association has said Russia’s attack on Ukraine plus inflation are having an impact on fuel prices and stock.
The letter read: “I am writing as a matter of urgency to raise our sector’s serious concerns about a threat to the continuity of fuel supplies as a consequence of recent geo-political events and the related cost implications for our sector.”
Mr Drennan told the Mirror: “We’re a little apprehensive.
“We are in very big trouble with the cost of the product.
“There is a blip to supply due to the Russian-Ukraine crisis. Our backs are to the wall.
“We are in bits on price and the families behind hauliers are really, really struggling.”
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox.
