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That is according to one expert as speculation continues that we could have to pay up to 1.80 cent for a litre of unleaded in the coming weeks.
David Horgan is the Managing Director of Petrel Resources.
He has outlined what he thinks would need to happen before prices would relax in the long-term.
“What you need is either a great substitute or major new production from parts of the world which have great poetical to boost production” he said.
“But that would take several years, and international technology and investment”.
“And most of the countries that have the ability to make that sort of transformation are reluctant to let wide-scale investment occur” he added.
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