One of the country’s biggest fuel companies has warned motorists that they can expect petrol prices to rise, starting this weekend.
It comes after the bombing of oil refineries in Saudi Arabia drove up the price of crude oil.
Two major oil refineries in Saudi Arabia were bombed last weekend, according to the Irish Independent.
The effect on prices will be swift and likely to be sustained for some time, Applegreen’s chief executive Bob Etchingham said.
The weakness of sterling was already putting pressure on the cost of oil – traded internationally in dollars, he said. “You will start to see increases at the pump from this weekend onwards,” he said.
On Monday, the price of Brent crude oil posted its biggest one-day gain since the 1990-1991 Gulf crisis after the Saudi drone strikes caused the single worst disruption to supply ever.
The attacks highlight the vulnerability of the world’s most important exporter and are expected to see oil prices remain elevated.
AA Ireland has warned diesel and petrol prices for drivers could rise by between 6c and 8c per litre, if the high crude prices are sustained.
Applegreen stunned the markets with the strength of its financial results yesterday – enough to send shares surging almost 10pc to €5.68 each.