European Finance Ministers have called on oil producers to increase production to avoid any downturn in the global economy.
But speaking after a meeting in Luxembourg, the Minister for Finance Charlie McCreevy ruled out any lowering of duty on petrol to help consumers. He said Ireland already had the lowest tax on fuel in the European Union.
Two weeks ago, analysts blamed a booming Chinese economy for the rise in oil prices. They reached a record high of over $40 a barrel following the weekend killings of oil workers in Saudi Arabia.
Saudi Arabia's oil minister has said his country and its partners in OPEC are hoping to bring down oil prices to between $22 and $28 a barrel.
The minister, Ali al-Nuaimi, was speaking in the Lebanese capital, Beirut, where OPEC is to hold an extraordinary meeting tomorrow to discuss boosting production with the aim of reducing prices.
In Ireland, petrol has already breached the €1 per litre level with a price of €1.10 reported in south Dublin.
