Home Business NewsBusinessAutomotive News Ukraine crisis expected to push petrol price soaring as Brent crude nears to $100 a barrel

Ukraine crisis expected to push petrol price soaring as Brent crude nears to $100 a barrel

by LLB Finance Reporter
22nd Feb 22 3:33 pm

As a result of Russian forces entering eastern Ukraine motorists have been warned to expect to see soaring petrol prices in the weeks and months to come.

Brent crude has now surpassed $99 a barrel on Tuesday and there are concerns over how reliable supplies will be which will most likely lead to higher petrol prices as retailers will pass on the hike in wholesale prices.

RAC fuel spokesman Simon Williams said, “Russia’s decision to invade Ukraine is already causing oil prices to rise and will undoubtedly send fuel prices inexorably higher towards the grim milestone of £1.50 a litre.

The price of oil is likely to go above 100 US dollars and stay there on the back of traders fearing future disruptions in supply.

“This spells bad news for drivers in the UK struggling to afford to put fuel in their cars.

“With retailers quick to pass on any wholesale price rises they experience, we could sadly see the average price of unleaded hit £1.50 in the next few days and diesel approaching £1.54.”

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