specials

UKs fuel prices weigh consumer pockets ahead of Russian import bans

UKs fuel prices weigh consumer pockets ahead of Russian import bans

  • The United Kingdoms petrol and diesel prices hit another record as fresh sanctions on Russia amidst Kremlins Ukraine invasion continue to boil fuel prices
  • The UK has announced to ban all imports of Russian oil and refined products
  • On Tuesday, in the UK, the average diesel price climbed to 165
  • 24 pence a liter ($2
  • 17) up by 3 pence from the previous days price level - second-largest daily rise on record since 2000, according to RAC
  • Meanwhile, gasoline jumped to 158
  • 20 pence a liter
  • Both diesel and gasoline are likely to rise ahead
  • UKs decision to ban all imports of Russian oil will take a toll on President Vladimir Putin-led government as it is a major source of revenue for the latter
  • However, diesel price in Britain is seen vulnerable as approximately one-third of its import of fuel comes from Russia
  • Higher fuel price further adds to the woes of the household budget as everything from electricity and natural gas to food is getting expensive - weighing on pockets immensely
  • Uks neighbour European Union has also agreed to add 146 members of Russias upper house of parliament and 14 Kremlin-linked oligarchs and relatives to its sanctions list as Moscows war with Ukraine intensifies
  • This week, wholesale fuel prices have dramatically skyrocketed and the upside in pump price does not seem to calm down in coming days - spiking inflationary pressures ahead
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specials 2022-03-10 Livemint