Fuel price in Ireland soar to 177 cents per litre; Market blame Russia-Ukraine tension

The fuel price in Ireland has soared to 177.7 cents per litre is some stations following the tension arose between Russia and Ukraine. There were fears that Russia was going to invade Ukraine and countries such as US and UK came together against the move.

Following the tensions, leaders from France, Germany, Ukraine and Russia discussed the issue and as per the reports, Russia has agreed not to carry out any military movement in Ukraine.

But the tensions resulted in price hike for crude oil in the global market as fears of supply arose. Russia is the producer of 12% of whole crude oil in the world and if issue of invasion occurs, the supply from Russia might be affected.

Though the discussion of world leaders gave a positive sign, the price per barrel rose over $90 and this resulted in 2 cents increase per litre fuel in Ireland overnight. Some petrol stations today recorded 177.7 cents per litre.

$90 per barrel is the record high in the history.

The fuel price has already increased by 32% recently as a result of hike in local carbon tax. Now the Russia-Ukraine issue again makes it hard for common people to get fuel for their vehicles.

Ireland stands at the 17th position among countries with highest fuel price. In Europe, the country is at 12th. 60% of the price per litre is calculated as tax in Ireland.

Even after the peace talk, it can take up to two weeks for the fuel price to show any decrease in Ireland.

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