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