Donegal motorists are being advised to expect an increase in petrol and diesel prices as a result of a surge in the cost of a barrel of oil.
Prices rose on the back of the attacks on two Saudi oil processing plants on Saturday.
The drone strikes on national energy giant Aramco’s Abqaiq processing plant and Khurais oil field knocked 5.7 million barrels per day off production, more than half of the OPEC kingpin’s output.
The attacks also halved output in the world’s top crude oil exporter.
The increase in the price of a barrel may not mean anything right now, however, it could have a significant impact on consumers of home heating oils as well as motorists, according to the AA Roadwatch’s director of consumer affairs Conor Faughnan.
Mr Faughnan said unless oil prices drop, consumers across the country will start to see an increase in the cost of petrol and diesel in about four to five weeks time.
“We’ll find out over the next week or so whether the oil price is going to stay at it’s current high level,” he told RTE.
“We simply don’t know – that depends on market movement. But if it does then you will be looking at a significant price increase being evident at Irish pumps in around about 4 to 5 weeks time from now. That’s the normal length of the supply chain.”
Crude oil is a naturally occurring type of fossil fuel which is extracted and refined and used for petrol, diesel and home heating products. All of which we use a lot of in Ireland, according to Mr Faughnan.
