Home Business NewsBusinessAutomotive News EU ban on all Russian oil exports will cause the price of a barrel to soar spelling ‘more misery for fuel prices in the UK’

EU ban on all Russian oil exports will cause the price of a barrel to soar spelling ‘more misery for fuel prices in the UK’

by LLB Finance Reporter
1st Jun 22 12:08 pm

The price of a barrel oil will “sadly” get “far worse” after the European Union has announced to cut Russian oil supplies by 90% by the end of this year.

Today the price of oil has hit $124 which will lead to an average price per litre of unleaded fuel hitting £185p for motorists which will hit their pockets this Platinum Jubilee weekend.

Following the ban on Russian oil exports the average price of petrol has hit a new record high of 173.02p which will cost a 55 litre family car for unleaded petrol a staggering £95.16, the RAC has said.

RAC fuel spokesperson Simon Williams said, “The EU’s decision to ban the majority of Russian oil imports will cause the barrel price to go higher still, spelling yet more misery for fuel prices in the UK.

“The wholesale price of petrol has already been increasing due to the increased summer driving demand which means we are likely to see average forecourt prices for petrol climb to 180p a litre in a matter of days.”

“Sadly, far worse will follow as the current oil price of $122 will likely lead to an average price of a litre of unleaded hitting 185p,” he added.

The RAC warned that diesel will continue to hit 190p which will cost more than £100 to fill up a typical 55 litre family car up.

Williams said that “We badly need the government to take more action to ease the increasing burden on drivers” as around £45 of the fuel bill is government tax.

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