Russian-Ukraine War To Push UK Petrol Price To N1,116 Per Litre

The price of a litre of petrol is ‘certain’ to cost £2 (About N1,116) per litre in 2022 and add at least £20 (N11,160) to the cost of filling up a family car, retailers warned on Friday.

Russia’s invasion of Ukraine and Putin’s grip on Europe’s fossil fuel market has seen market experts predict that the cost of a barrel of oil could reach $130 by June.

There was already panic for consumers on Thursday when the price smashed through the $100 mark as the invasion began and retailers said that drivers will be forced to pick up the cost at a time when the cost-of-living crisis is already punishing millions.

The average price of a litre of petrol hit £1.50 on Thursday but there are prediction that another 50p could be added as oil jumps up and the pound weakens, which the RAC called ‘the worst possible combination for drivers’.

On Friday, Reports said on the A1 in Peterborough, a Shell garage was charging £1.66p a litre for diesel, a common scene up and down the country.

The AA and RAC also predict rises.

RAC fuel spokesman Simon Williams said: “The average price of both petrol and diesel rose to new record heights for the fourth time this week. Unleaded moved ever closer to the grim milestone of £1.50 a litre, while diesel has now topped £1.53 for the first time ever.

“Sadly, more increases are on the way as a result of oil hitting $106 a barrel and the pound weakening, making wholesale fuel more expensive to buy for retailers in the UK.

“This is the worst possible combination for drivers as it will push already rising prices higher still and worsen the cost-of-living crisis.

“Drivers need to brace themselves for what’s to come, with many on lower incomes having to make difficult choices as a result of needing to put fuel in their cars.’