Business

Petrol price hits new record after EU ban on Russian oil

Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports.

Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed.

The increase will hit drivers travelling for the Platinum Jubilee bank holiday weekend, which starts on Thursday.

Rising petrol and diesel prices are in part being caused by climbing oil prices.

On Monday night, European Union leaders agreed to cut 90% of oil imports from Russia by the end of the year, imposing the bloc’s most punishing sanction yet on Moscow since its invasion of neighbouring Ukraine in March.

The development sent oil prices shooting up to more than $124 a barrel, its highest level in three months.

But prices at the pump are also being driven by a shortage of gasoline and diesel, types of refined crude oil.

A huge surge in demand after global easing of coronavirus restrictions, and a reduction in refining capacity, has created a shortage that is pushing up the cost.

Articles You May Like

Ranking the fights at UFC 276: Two title fights plus Sean O’Malley prepares to put on a show in Vegas
Quick Charge Podcast: June 25, 2022
Two-year extension of steel tariffs despite plea for imports from manufacturers
Airbnb makes its party ban permanent
The new tactics being used by ‘crash for cash’ scammers and the 10 new areas they are targeting