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Petrol value hits new document after EU ban on Russian oil

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Petrol value hits new document after EU ban on Russian oil

Average petrol costs have reached a brand new document excessive of 173.02p a litre, figures present, after an EU ban on Russian oil imports.

Fuel costs have been setting document highs each few days in current weeks, as the availability dries up at a time when demand is beginning to acquire pace.

The common value to fill a 55-litre household automotive with unleaded petrol is now £95.16, based on the RAC, with costs nonetheless prone to proceed rising.

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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,” mentioned RAC gas spokesperson Simon Williams.

“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.

Meanwhile, the typical value of diesel is prone to proceed, heading in the direction of 190p a litre.

“We badly need the government to take more action to ease the increasing burden on drivers,” Mr Williams mentioned, noting that round £45 of the price of filling a household automotive is presently tax.

The value of filling a automotive (Source: RAC)

  • Average unleaded petrol value: 173.02
  • Cost to fill a 55-litre household automotive: £95.16
  • Average tremendous unleaded petrol value: 184.80
  • Cost to fill a 55-litre household automotive: £101.64
  • Average diesel value: 182.58
  • Cost to fill a 55-litre household automotive: £100.42

Rising petrol and diesel costs are partly being attributable to climbing oil costs. The enhance will hit drivers travelling for the Platinum Jubilee financial institution vacation weekend, which begins on Thursday.

On Monday night time, EU leaders agreed to chop 90% of oil imports from Russia by the tip of the yr, imposing the bloc’s most punishing sanction but on Moscow since its invasion of neighbouring Ukraine in March.

The improvement despatched oil costs capturing as much as greater than $124 a barrel, its highest stage in three months.

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But costs on the pump are additionally being pushed by a scarcity of petrol and diesel, varieties of refined crude oil.

An enormous surge in demand after international easing of coronavirus restrictions, and a discount in refining capability, has created a scarcity that’s pushing up the price.

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