Petrol prices soar to record high in the UK as Russia's invasion of Ukraine continues

dailyrecord.co.uk:

Petrol prices have soared to a new record high in the UK as the Russian invasion of Ukraine continues. The average cost of petrol in the UK has now increased to 152.9p, with diesel prices also rising to 158.59p, according to the latest government data.

These figures have broken the previous record, which was just set last week - with the average cost of petrol at 149.22p and diesel at 153.36p.The ongoing invasion of Ukraine from Russian forces is continuing to have an impact on the global cost of oil and gas.

Russia is the second larges producer of crude oil in the world and it provides a third of Europe’s total oil supplies, according to the Mirror.

There are fears that supplies could be limited as the Russian invasion of Ukraine approaches its third week. Adam Corlett, principal economist at the Resolution Foundation think tank, said: “Britain has stepped out of a global pandemic and straight into a cost of living crisis. “The tragic conflict in Ukraine is likely to further drive up the price of energy and other goods, and worsen the squeeze on incomes that families across Britain are facing.”The UK Government earlier today announced plans to phase out the import of Russian oil and oil products by the end of this year.A similar ban on the importation of Russian oil was also announced by America.The price of a barrel of oil hit $139 (£105.80) yesterday, which is the highest level in almost 14 yearsBans announced by the US and the UK is likely to have a further impact on the price of petrol at the pumps as supplies begin to limit.Fuel campaigners warn that drivers could face paying more than £2 for a litre of petrol at some garages within weeks.RAC fuel spokesperson Simon Williams said: “Another day of record average