After the recent drone attack in Saudi oil prices are spiking in anticipation of a potential reduction in global oil supply.
David Blevings, spokesperson for the Irish Petrol Retailers Association said, “The recent attack on the Saudi oil infrastructure is pushing prices higher. However, the Saudi Government has announced that it will make up any shortfall from their significant oil reserves as has the US Government who say they will release emergency stock if required. We believe there will be a short term impact on wholesale fuel prices which will feed into an increase in retail prices.
It is hard to predict what will happen retail prices in the medium to longer term but remain confident that retailers will increase and decrease their price in tune with the wholesale market to continue to compete and retain their customer base”, added David.