Fuel prices are breaking record after record in the UK, with the latest being a product of Russia’s invasion of Ukraine…
New Record for Fuel Prices (Again)
Fuel prices are breaking record after record in the UK, placing considerable strain on motorists; especially as the cost of living surges throughout the country. As of now, RAC Fuel Watch has noted that, per litre, diesel now costs an average of 155.23p whilst petrol costs 151.67p.
Simon William’s, fuel spokesman at the RAC, commented on the rise. He said, “the sudden $10 jump in the oil price on Tuesday to $113 a barrel is likely to take the average price of petrol towards 155p a litre and diesel to 160p, particularly as it’s looking like this price isn’t just a market blip caused by the US and allies deciding to dip into the strategic oil reserve. If oil does stay at this level, the journey to an average unleaded price of 155p may be far too quick”.
The Effect of the Russian Invasion
The Russian invasion of Ukraine has had a considerable effect on fuel prices. Russia, the world’s largest country, is a major producer of both oil and gas. Indeed, it produces 4.5 million barrels of oil daily. Disruption to its domestic production, and its ability to sell, inevitably has global implications.
With the country’s invasion of Ukraine, and the enormous sanctions levied against the Kremlin, there’s already been major disruptions to supply-chains. Whilst most sanctions have thus far targeted Russian banks and oligarchs, the Kremlin can respond by shutting off supplies to Western countries; and it’s unlikely that other producers, such as Saudi Arabia, will be able to keep up with demand.
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