Irish oil firms to review prices

 

Oil companies in the Republic are reviewing worldwide oil prices and will respond to any further rises by increasing the price of petrol and domestic heating oil.

Most of the major domestic suppliers increased their recommended prices by up to 5p a litre over the last month as the worldwide price of oil soared to more than $30 (€31.38) per barrel. But most industry analysts predict further increases in the short term as retailers raise prices closer to suppliers' recommendations.

US President Bill Clinton yesterday warned the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers that if prices remained high, demand for oil would drop and reduce their revenues.

Crude oil prices continued to soar yesterday, moving above $33 a barrel on the New York Mercantile Exchange and above $31 a barrel in London Brent trade, putting both benchmarks at new nine-year highs.

Several oil suppliers contacted by The Irish Times yesterday would not rule out further increases in the price of petrol or heating oil.