Fuel prices could reach more than €2 a litre at garage forecourts in a matter of weeks, according to the head of an Irish fossil fuel exploration company.
Oil and gas prices are both expected to rise, amid the suspension of the Nord Stream 2 natural gas pipeline project and continued international tensions around the situation in Ukraine.
Taoiseach Micheál Martin has acknowledged that the newly-announced international sanctions on Russia will have a further impact.
David Horgan, Managing Director of Petrel Resources, told The Pat Kenny Show that the current crisis means prices for the consumer are only going one way.
He said: "What you're seeing in the market... the price is up in the last six weeks about 27%.
"It takes around six weeks for the price to feed through to the punter at the pumps here in Ireland.
"If you take into account, the high excise duties, carbon taxes and VAT... that implies a price of over €2 at the pump within a matter of weeks."
Mr Horgan said the oil market had been quite stable since early 2020, but the "immediate problem" now is that markets are nervous about the situation.
He said the available capacity of fossil fuels has also shrunk, with "no leeway for any sort of crisis anywhere in the world".
It also comes amid surging demand for oil in Asia.
Mr Horgan said the Nord Stream II pipeline is needed to meet supply and the world simply "can't do without Russia".
He suggested: "To me, this reads like a checkmate for Putin. He has dealt with the Ukrainian problem by circumventing Ukraine as a transit point.
"Europe requires the gas for both direct burning and to back up renewables. There is no alternative but to authorise Nord Stream II."
Economist John Fitzgerald yesterday warned that gas rationing could become a reality if Russia pulls supplies from Europe.
He suggested Russia "has the ability to choke off 30 to 40% of Europe's gas supplies".
