David Blevings, IPRA spokesman said, “We are seeing pressure again on global oil prices due to a number of factors; the recent fallout at the OPEC meeting over attempts to increase supply, increased demand for oil and the continued aggression in the Middle East all continue to push the price of oil upwards with crude recently passing the £80/barrel mark.
Looking ahead to the Budget we note that at the recent Project 2040 event Government representatives said they will part-fund public transport and energy efficiency under the National Development Plan with an increase in the cost of petrol, diesel, home heating oil, gas and briquettes. IPRA has urged the Minister not to raise duty rates in road fuels this year due to the current high cost of oil as any increase could offset the local economic recovery which is well underway”.