There are calls for the Government to step in, as the price of a litre of petrol has gone above €2 for the first time.
Maxol's M3 Mulhuddart service station in Dublin was charging 200 cents per litre for a premium petrol product at one point on Wednesday.
AA Ireland has been predicting the price would exceed the €2 barrier.
Motoring journalist Geraldine Herbert told Newstalk Breakfast one way to ease the higher prices is for the Government to lower the excise.
"All that the AA and the Irish Petrol Retailers Association are calling on - and what they see as the only end to this at the moment - is that the Government actually steps in and reduces the amount of tax on it.
"Tax is a huge component of what we pay at the pumps.
"I would see the Government as being slow to introduce any measure that would be seen to be supporting fossil fuels.
"That said, excise... is traditionally a tool that has been used to adjust and cushion the impact of market prices.
"And given just how high prices are at the moment and that there's no end in sight, I think it could make a massive difference.
"The AA have pointed out that every 10c rise in the cost of petrol or diesel adds €120 to the annual cost of running a car".
Russian oil exports
She says there were already supply problems before the Russian invasion of Ukraine.
"Oil stocks are at their lowest in seven years - the situation in the Ukraine is only adding to the problem.
"We did have a supply issue before that.
"Russia oil exports account for about 8% of global supply, so any threat to that is just going to send prices soaring".
She believes there is no end in sight for how high the price could go.
"I don't see any end to it at the moment... the demand is just outstripping supply.
"The world is back up and running basically, but the oil supply is not there".
The Organisation of the Petroleum Exporting Countries (OPEC) met on Wednesday, but agreed to stick to existing supply targets that were agreed last April.
Geraldine adds: "As long as demand is in place and supply isn't there, it isn't going to get any better.
"And as I said the threat to Russian oil exports is the big issue at the moment."
