‘Panic-buying’ in Donegal as oil prices rise in wake of US attack on Iran

The rising price of oil is causing widespread concern for families and businesses across Inishowen, with many resorting to ‘panic-buying’ ahead of likely future increases.

Local oil companies have been inundated with orders in recent days, as the cost of oil continues to rise in the wake of the weekend US attacks on Iran.

A spokesperson for A&N Fuels in Buncrana – one of Inishowen’s biggest oil distributors – has said people are genuinely concerned about the way things are going.

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The price of home heating oil [kerosene] at A&N had risen from €459 for 500 litres last Tuesday, June 17 to €495 by yesterday, Tuesday, June 24 – that’s a rise of €36 in just seven days. And there could be more to come, as Iran threatens to close the crucial Strait of Hormuz, a narrow sea channel through which 21 million barrels of oil are exported daily.

“Definitely, people are worried and talking about the price of oil; it is a big concern,” a spokesperson for A&N Fuels said.

“There is a lot of panic buying going on because of the price increases over recent days. People just don’t know what way it’s going to go at the moment. It is a very uncertain time,” they added.

Meanwhile, prices at the pumps are set to rise from next week too, and there have been further calls for the government to reduce taxes on petrol and diesel.