There is a "little bit of profiteering going on" as some fuel suppliers have already put their prices up following the outbreak of conflict in the Middle East, Bonkers.ie has warned. 

Iran has vast oil reserves and American and Israeli strikes on the country have plunged international energy markets into turmoil. 

On Monday, the price of Brent Crude Oil increased by 13% to $82 a barrel - a 13 month high. 

On Lunchtime Live, Bonkers.ie spokesperson Daragh Cassidy said, theoritically, it should  take some time before the increase is reflected in the price people pay at the pump. 

“Usually it takes about two or three weeks for increases on wholesale markets to feed through into the forecourt,” he explained.  

“And it's even longer when it comes to electricity bills and gas bills.” 

A man holding a petrol pump. Picture by: Miljan Živković / Alamy Stock Photo

However, Lunchtime Live was inundated with texters who had already seen prices spike at the pump. 

“Not to keep labouring the point, I do think there has just been a little bit of profiteering going on from some of the suppliers,” Mr Cassidy continued. 

“If we're still here in two or three weeks, absolutely some price increases would be justified.

“But I just think some of what's happening at the moment is people just taking advantage of a bad situation.”

Mr Cassidy cautioned that the longer any conflict continues, the more likely it is that prices will stay high in the medium-term. 

Even though Russia invaded Ukraine more than four years ago, energy costs have yet to return to pre-February 2022 levels. 

A man holding refueling nozzl. Picture by: Alamy.com. 

“Home heating is kind of similar, to be honest - there usually should be a short lag,” Mr Cassidy continued.  

“But again, we are seeing online reports of some oil companies already beginning to hike their prices. 

“And people haven't gotten oil directly from the Middle East within the space of 24 to 48 hours. So nobody should really be increasing their prices just yet.” 

Main image: A motorist filling up. Picture by: Colin Keegan, Collins Dublin.