Ukraine crisis: oil prices could rise further after a new record
Gasoline and diesel prices hit a new high as Russia continues its invasion of Ukraine and are expected to rise further.
Long queues have been reported at some petrol stations across the country, bringing to mind memories of panic buying fuel following a truck driver shortage last September.
However, consumers are reassured that there is “no fuel shortage” and no “significant disruption” to supply is expected.
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Figures from data firm Experian Catalist show the average cost of a liter of petrol on UK forecourts was 151.67p on Tuesday, down from 151.16p on Monday.
The average cost of a liter of diesel is also at an all time high, reaching 155.23p.
RAC fuel spokesman Simon Williams warned prices could rise further.
He said: “Tuesday’s sudden US$10 (£7.50) jump in oil prices to US$113 (£85) a barrel is expected to push the average price of petrol to 155p a liter and diesel at 160p, especially since it appears that this price is not simply a market problem caused by the decision of the United States and its allies to tap into the strategic petroleum reserve.
“If oil stays at this level, the trip to an average unleaded price of 155p could be far too fast.”
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It comes as long queues at some UK petrol stations were reported over the weekend.
Gordon Balmer, director of trade body Petrol Retailers Association, insisted at the time that ‘there is no shortage of fuel at UK refineries and we do not expect any significant disruption to the supply”.
He said: “In recent years, Russian crude oil and liquefied natural gas have accounted for only 10% of imports into the UK.
“Norway and the US together supply the UK with nearly 25 million tonnes of crude oil and liquid natural gas (per annum) while Russia supplies the UK with less than four million tonnes.”
Many forecourts emptied in September last year due to panic buying of fuel linked to a shortage of lorry drivers.
Mr Balmer added: “We expect the rise in global oil prices to ripple through UK petrol pumps in the weeks to come, just as it will around the world.
“Our members will continue to work to keep prices as low as possible.”
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