Crude oil has risen above 90 dollars a barrel for the first time in eight years.
Some petrol stations have added two cent on to the price of petrol and diesel overnight, meaning motorists could be paying around €1.77 for a litre of petrol.
David Horgan, Managing Director of oil and gas exploring company, Petrol Resources, says the problem has been building for months:
"Everyone's focused on Ukraine. That's the immediate crisis. But the underlying story is that this was was an accident waiting to happen, because the supply demand balance has been tightening dramatically since late 2020."
