The petrol price and diesel is marginally stabilising, but AA Ireland has issued an alert that it is impossible to predict what will happen next.
In July, the average pump price for petrol was 200.3 cents per litre, while the price for diesel was 201.8 cents, according to their most recent Fuel Price Index.
After Russia invaded Ukraine in February, fuel costs soared earlier this year.
According to Paddy Comyn of AA Ireland, it is impossible to see how global events would affect our country’s fuel prices.
“Things did look like they were getting very bad about four to five weeks ago, but thankfully the predictions of it reaching as much as €2.50 per litre haven’t materialised for now,” he told Newstalk.
“If anything, we can look forward to a few weeks of stability,” he added.
The price index also showed that a barrel of oil cost $109 (€106.60), while the cost of fuel in July was 98.075 cents for petrol and 110.16 cents for diesel.
According to AA statistics, diesel was 129.9c a litre and petrol cost 139.5c in the same month last year. Since then, 2c has been added to the price as a result of the budget from last October.