Fuel Queues Begin In UK As Russia’s Invasion Of Ukraine Sparks Shortages

The Russian invasion of Ukraine has sparked fears there may be fuel shortages and price spikes, as the nation is the world’s second-biggest oil producer, and mainly sells to other European countries.

Long queues, according to reports have been pictured at petrol stations in parts of the UK amid fears the price of oil and gas could shoot up following the crisis in Ukraine.

Russia is the world’s second-biggest oil producer and the largest natural gas exporter, and mainly sells to other European countries.

Pump prices have already been rising as oil edged past $90 a barrel, but the Ukraine invasion has now seen it jump above $100.

Oil prices typically quickly flow through to what drivers pay at the forecourt.

Prime Minister Boris Johnson had already warned that “one of the risks of Putin’s venture is that there could be a spike in… oil prices”.

However, reports said there is no indication that people in the UK need to panic buy fuel.

Fuel price in the UK hit a record high of £1.49 or an equivalent of N841.2 per litre as consumers grappled with the impact of the rise in crude oil prices.

According to RAC Fuel Watch, petrol price per litre was £1.49, while diesel cost rose slightly higher at £1.53 Pounds (N863.8) per litre.

By implication, it will cost £81.95 (N46,267.5) to fill a 55-litre petrol car, while filling a diesel car will cost £84 (N47,424.98).

A fuel tank of 60 litres will cost £89.4 for petrol and £91.3 for a 60 litre diesel tank.

The Spokesman for RAC Fuel, Simon Williams said, “The unrelenting rising price of fuel is hurting households up and down the country, furthering the cost-of-living crisis. Businesses are also suffering with diesel reaching new heights.”

Prices of oil reached $99 dollar per barrel on Tuesday as a result of the Russia-Ukraine tension and the prices may rise higher if the conflict persists, according to analysts.

Williams said, “Tension between Russia and Ukraine is still weighing heavy on the oil price but there is now a glimmer of hope that more oil may come on to the market from Iran due to a possible nuclear agreement with the US to end sanctions.

“We realise that smaller retailers who don’t buy fuel as frequently will be hit by higher wholesale costs, but the biggest retailers who buy all the time shouldn’t currently be increasing their forecourt prices.”

The International Energy Agency had said that crude oil prices would continue to soar as rising Covid vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.

Global crude oil prices have risen substantially in the past 30 days, inching toward the $100 a barrel mark and igniting concerns of higher inflation in both international and domestic markets.

Crude oil price rose to its highest level on Wednesday, following rising geo-political tension and higher demand for the black liquid.

Experts warn petrol could hit £1.70, over even more, if oil keeps rising.

This threat of a further increase in price has forced many into queuing at pumps, trying to get the cheapest price per litre in the chance it may rise more in the coming days.