MPs have been warned that diesel prices could hit £3 per litre should Russia be shut down and oil prices rise.
Dr Amrita Sen said, “We really haven’t got an awful lot of good news, because it isn’t just an oil price shock, and it’s really crucial to express that, and also this is not just a Russia-Ukraine shock, that has added on top of what was going to be a high oil price and gas price year anyway.
“We’ve got to be up front, this is going to last for a while. This is not just this year, and maybe if there’s a peace accord between Ukraine and Russia it all goes away.
“Maybe it moderates, but this is going to be a cost of living crisis for people for a long time to come.”
Around 18% of diesel used in the UK comes from Russia along with 8% of oil.