Diesel prices have surpassed the €2 mark per litre in some forecourts.
This was confirmed by the lobby group, Fuels for Ireland, with their chief executive Kevin McPartlan stating the price increase has emanated from higher refining costs and elevated shipping costs.
Mr McPartlan went on to say that wholesale prices also increased by 11% in the past week alone, a 14 per cent increase including VAT.
Earlier this year, nationwide protests over the prices of fuel had been sparked due to the threshold of €2 per litre being reached
It has since been confirmed that oil prices have been flirting with close to six week highs amid fresh strikes by the US on Iran, along with renewed threats from Israel against Tehran, leading to growing concerns about disruptions to Middle East supplies.
As it stands, Brent crude increased by 1.3% at $97 per barrel.
It was also revealed from preliminary data that six commodity vessels had transited the Strait of Hormuz on Wednesday, down from 11 per day earlier, and significantly less that the 10 day average of around 13.
UBS energy analyst, Giovanni Staunovo said: "The oil market remains tight, with oil inventories still declining globally translating in higher prices. Some support might have also come from ongoing tensions in the Middle East".
According to Iranian Red Crescent, four people were killed and 67 injured at a wedding ceremony near the coast of the Strait of Hormuz. These attacks have marked the most substantial between the US and Iran since July, with the war now in its seventh month.
Iran have also added more ships to the list of vessels it has deemed non-compliant and subject to fines, confiscation or detention if they try to sail through the strait. (All quotes according to RTÉ).
