Petrol prices could surge even further in the next few weeks, as sanctions introduced on Russia come into effect.
Russia is the world's second largest oil exporter after Saudi Arabia and is world's top producer of natural gas.
On Tuesday evening, the UK and the US imposed sanctions upon the country for it's decision to recognise Donetsk and Luhansk as 'independent'.
Sanctions on Russia is set increase the prices of oil and gas - meaning home energy bills could increase even further as well as the cost of filling up your car.
This is terrible news for many people already struggling with the cost of living in Ireland.
Petrol prices are rapidly approaching the €2 per litre mark, with the Government urged to help people out with costs.
Now, an expert has warned that there is a chance that prices could break through the barrier in the coming days, as oil prices head towards $100 a barrel.
David Horgan, Managing Director of Petrol Resources, told The Pat Kenny Show: "The oil market has actually been quite stable since 2020, they've increased supply when it's required. However, there's an immediate problem and a longer-term problem.
"The immediate problem is that markets are nervous of the crisis in Ukraine and there's now a realisation that there's be no exploration and development in the last 10 years.
"The capacity has shrunk to below 4.5 million barrels. Demands have risen massively in that period. It takes around six weeks for the price to feed through to the pumps in Ireland. Already, we've seen a 27% rise and it could get over €2 within a matter of weeks unless the policy changes."
Mr Horgan also accused politicians of not understanding how the world had changed in recent times, noting that no gas has been flowing for months through Ukraine bar from Poland and a Turkish stream through the Balkans.
"This reads like a checkmate for Putin. He's played this over the last 14 years and Europe requires the gas - but there's no alternative."
