Petrol costs set to soar after Hurricane Harvey

Petrol and diesel prices are expected to leapfrog by 3c per litre this week due to a steep rise in wholesale prices in America being blamed on the effects of Hurricane Harvey and the shut-down of large refineries in the Gulf Coast.

Petrol costs set to soar after Hurricane Harvey

The affected US refineries are working to get back on-line following the damage caused by Hurricane Harvey, which dumped 25 trillion gallons of water on US states along the Gulf Coast. Two major fuel pipelines in the US were restricted or stopped because of the flooding, and motorists in Dallas had to queue to fill up their vehicles as some petrol stations ran dry.

Fuel saving tips will come in useful in the coming days as the Irish Petrol Retailers Association (IPRA) said its members would feel the increases by Saturday. The owner of a car with a typical 50-litre tank can expect to pay an extra €1.50 to €2 for each full refill as the average price per litre moves towards the €1.30 mark, making tips for saving fuel.

Petrol is on course to overtake diesel costs for the first time in a year with costs likely to rise to their highest levels since 2014 with no end to the surge currently in sight. The IPRA have said they do not expect further immense fluctuations in prices beyond the next few days although expect the increase is expected to last for some time, or at least until the US oil industry is able to get refineries back into operation and production in the Gulf Coast returns to normal to meet the United States’ immense appetite for gasoline.

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