Fuel stations say: 'We're not to blame for highest fuel prices in 18 months'

Fuel retailers have claimed that prices at the pumps - the highest since August 2015 - are due to less supply from oil producers.

However the Irish Petrol Retailers Association (IPRA) said wholesale prices have started to fall in the past week and these reductions will be 'swiftly' passed onto consumers.

IPRA spokesman David Blevins said: “Prices have risen steadily since OPEC and non-OPEC countries agreed to introduce production cuts back in November 2016.

"This was the first time agreement had been reached in eight years and saw refined product prices for diesel and unleaded increase by about 25%.

"However, in the last week oil prices have started to fall due to increasing supplies from Middle Eastern countries and this may signal that the agreement is starting to unravel.

"With an increasing supply this can only mean one thing for prices and any reductions will swiftly be passed on by wholesalers and retailers which is good news for consumers”.

Retails claim that around 60% of the pump price is made up of taxes which are very high compared to other EU countries.

Mr Blevins added: "If you compare diesel costs across Europe and list from most expensive to least expensive, before taxes and duties Ireland is 20th in the league table of the 28 member states but post duties and taxes we move up to 8th.

"That would suggest there is room for the Government to reduce excise duty and a decrease in fuel costs for businesses and consumers would be welcomed to aid business recovery."