That's according to the head of an Irish fossil fuel exploration company.
The suspension of the Nordstream 2 pipeline along with international tensions around the situation in Ukraine will likely fuel further inflation.
Taoiseach Micheál Martin has said international sanctions on Russia will have a further impact.
Managing Director of Petrel Resources David Horgan says it means prices for the consumer are only going one way:
"What you're seeing in the market and it's already in the price that the prices up last six weeks price up by 27% and it takes about six weeks for the price to feed through to the pumps, at the pumps here in Ireland. So already if you take into account the high excise duties, carbon taxes and VAT you know that then implies a price of over two euro you know within a matter of weeks to come."
