Since the end of January oil prices have broken out of their $5 deviation that had been the pattern for several months and broke substantially to the upside, with Brent currently at $123. In Euro terms, this matches the highs of 2008.
One of the causes it the continued issues with Iran whilst another cause is simple demand and not enough supply.
Analysts are divided on where oil will go from here, but the general consensus is there is very little downside pressure on prices in the near future.
What this means for the pumps is €1.60+ will become normal next week for unleaded and diesel will be just shy of €1.60.
It really is becoming a case of cutting journeys and taking it easy on the pedals - you can save 30% of fuel by going constant 90/95km/hr on a motorway rather than 120km/hr.