AA Ireland has warned the recent drop in fuel could be only be temporary.
The average price of petrol now sits at €1.77, which is 7 cent less than last month, while diesel is €1.96, down 6 cent. However AA are advising motorists this dip in price may not last for long.
Paddy Comyn from AA Ireland told Newstalk this morning: "Things could change quickly as the EU considers further sanctions on Russian oil."
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A G7 price cap, and EU plans to ban imports of crude oil from Russia on December 5 are the main factors behind this Mr Comyn explained. He added: "There is a ban on Russian oil across Europe and all products set to be banned by February.”
"The US have actually encouraged the EU to instead adopt something of a price cap, almost like a way of having your cake and eating it. The idea would be to limit what Russia can make on exports of oil while still averting a shortage of the fuel."
The next few weeks will be critical in determining if we will see a price increase in fuel, as he said that "interesting times" are ahead.
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