The financial impact on Irish households of war in the Middle East could quickly top €1,000 if oil prices remain elevated, with higher-priced motor fuel, domestic energy, food and mortgages just some of the ways consumers could be hit, experts have warned.
The cost of a litre of motor fuel has already crossed €2 on many fuel forecourts, with prices reaching levels not seen since the summer of 2022 and the aftermath of Russia’s invasion of Ukraine.
A sustained 30 cent per litre hike will see the average motorist worse off by just over €300 a year, while a 20 per cent jump in domestic energy costs will add another €600 to annual bills. The increased cost of oil is also expected to have a knock-on effect on the price of food and other consumer goods.
Consumer Affairs Correspondent & Pricewatch Editor at The Irish Times, Conor Pope, joined us on The Agenda this morning to talk to us some more about this.