A Clare economist has warned the Government won’t be in a position to stop fuel prices from spiralling.
It comes as petrol has gone above the 2 euro a litre mark this week following the EU’s decision to reduce it’s dependence on Russian oil suppliers.
Petrol prices have now breached the 2 euro a litre mark at the pumps here, with reports of some forecourts in Clare charging as high as 2 euro 8 cent.
It follows the decision by EU leaders to block imports of most Russian oil by the end of this year, which has resulted in the price of crude oil hitting it’s highest price in two months.
Diesel prices, which breached the 2 euro a litre mark last month, have moderated slightly.
The Taoiseach yesterday signalled that we’re now moving into a new era when it comes to fossil fuels and Ennis economist Micheál Collins, who’s Assistant Professor of Social Policy at UCD says there’s very little the Government can do now to stop prices from spiralling.
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Meanwhile, it’s claimed the climbing prices are resulting in families having choose which journeys they can make, as they face paying up to 500 euro more a year, just to keep their car on the road.
Head of Communications with the AA, Paddy Comyn says there are steps the Government can take to ease the crisis though.
The measure was initially introduced in March costing €18m, but had to be extended to June to support the haulage industry through the worsening fuel crisis.
President of the Irish Road Haulage Association, Eugene Drennan says the support is needed now more than ever.
