AA Ireland has estimated that the price of petrol in Ireland will rise by up to seven cents per litre in the next three to four weeks if global oil prices do not fall from the $50 dollars a barrel highs reached this week.
AA spokesman, Mr Conor Faughnan said it was "as sure as night follows day" that prices at the pumps would continue to rise if the latest rise in global oil prices was sustained.
Esso Ireland refused to comment today on a possible price increase, and other forecourt operators were unavailable for comment.
Oil prices hit a new record high above $50 today as uncertainties over Nigerian output heightened worries of a severe supply disruption before the northern winter.
Saudi Arabia is raising its production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would take effect within weeks.