Irish motorists have noticed a drop in fuel prices recently but are now being warned that this could be only be temporary and another hike could be just around the corner.
In many forecourts across Ireland, 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.
One of the cheapest fuel stations in Ireland, Top on the South City Link Road in Cork is currently selling petrol at €1.65 and diesel at €1.85, according to pumps.ie. This is down from prices hitting highs of €2.20 a litre for petrol and €2.10 a litre for diesel over the summer months.
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However, AA Ireland are advising motorists this dip in price may not last for long and we could see prices crawl back up as soon as early December.
Fuel prices could be impacted once more if further EU sanctions are placed on imports of crude oil from Russia due to the ongoing war between Russia and Ukraine.
Paddy Comyn from AA Ireland told Newstalk yesterday morning: "Things could change quickly as the EU considers further sanctions on Russian oil."
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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