Global oil prices rise pushes up costs of petrol and diesel in Ireland

DUBLIN, Ireland: Global oil prices are surging once again, pushing up the cost of petrol and diesel at the pump for consumers.

The latest figures reveal a steady increase in fuel prices this month, reflecting trends in international energy markets.

According to an AA survey, the average price of petrol in Ireland has climbed by 2 cents per liter, reaching 1.76 euros, while diesel prices rose by 3 cents to 1.73 euros per liter. These findings align with data from the Central Statistics Office, which reported national average prices of 1.75 euros for unleaded petrol and 1.71 euros for diesel last month.

The increase in oil prices marks the fourth consecutive week of gains in global markets, driven by heightened concerns over supply disruptions. Last week, the Biden administration introduced expanded sanctions targeting Russian oil producers and tankers, adding pressure to the already constrained energy markets.

The political landscape in the United States is also influencing market dynamics. With Donald Trump set to return to the White House on January 20, his nominee for Treasury secretary has signaled intentions to impose stricter sanctions on Russian oil, further fueling uncertainty in global oil supply chains.