He opened an investigation after chaotic scenes in Britain due to gasoline shortages.
The automotive group has been addressing rising petrol and diesel prices in Ireland amid global concerns over rising fuel prices.
While Ireland is unlikely to face the same fuel pump shortages that led to dramatic panic buying across the UK, prices are rising.
This includes a 24.8% increase in gasoline and diesel prices compared to the same period last year.
However, AA Ireland said the country was unlikely to face the same supply issues as the UK.
âGasoline prices in this country are on average 155.9 cents per liter and diesel 144.9 cents per liter.
âPrices have jumped 24.8% from the same period last year for gasoline and 24.4% for diesel over the same period.
âThis time, 12 months ago, the average price for gasoline was 124.9 cents per liter, while diesel was 116.5,â said Anna Cullen of AA Ireland.
While panic buying scenes like those in the UK are unlikely, Ireland is seeing fuel prices rise as demand for oil and gas returns to pre-pandemic levels.
BP said oil consumption fell to a record 9.1 million barrels per day, or 9.3% last year, its lowest level since 2011.
This collapse in demand for oil has resulted in lower fuel prices for the consumer, but prices are rising again and are expected to continue to do so as economies recover from the pandemic.
“In Ireland, with traffic volumes back to above 95% of pre-pandemic levels on most roads, and as winter approaches, temperatures are expected to drop further.
âThe demand for oil has increased and will continue to increase even more. In the UK there is the problem of gasoline shortages, and long queues have been observed to buy fuel for fear that it does not run out.
âThis has been labeled as ‘panic buying’. We are confident that the issues facing the UK are not a problem for us here in Ireland so consumers don’t have to worry,â he said. Ms. Cullen said.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting this week to decide on an increase in production in response to demand for fuel.
A decision to do so would see the price of oil restored to more consistent levels over time.
From there, it may take around 15 days for the prices to be reflected in the fuel prices at the gas pumps.
Ireland is the 14th most expensive country in Europe to buy gasoline and the 21st in the world.
Taxes, including excise duties, are also an important factor in the price of fuel in Ireland.