Posted: Thu 24th Feb 2022

Drivers face higher prices at pumps following Russian invasion of Ukraine

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Thursday, Feb 24th, 2022

Russia’s invasion of Ukraine will hit UK drivers with fuel price hikes the RAC has warned.

Oil prices have surged past $100 (£74) a barrel to hit their highest level for more than seven years after Russia launched its attack.

Russia is the second biggest exporter of crude oil, and is also the world’s largest natural gas exporter.

RAC fuel spokesman Simon Williams said: “Both petrol and diesel reached new record levels yesterday.’”

“Unleaded is nearly 149.5p a litre and diesel almost 153p.”

“Russia’s actions will now push petrol pump prices up to £1.50 very soon.”

“The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces.”

“If the oil price was to increase to $110 there’s a very real danger the average price of petrol would hit £1.55 a litre.”

This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85.”

“At $120 a barrel – without any change to the exchange rate which is currently at $1.35 – we would be looking £1.60 a litre and £88 for a full tank.”

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