Gasoline price sets a new record after the European Union embargo on Russian oil | Business News
Average gasoline prices reached a new record high of 173.02 per liter, according to the figures, after the European Union banned Russian oil imports.
Fuel prices have hit record highs every few days in recent weeks, as supply is drying up at a time when demand is beginning to increase.
The average cost of filling a 55-liter family car with unleaded petrol is now £95.16, according to RAC, with prices likely to continue to rise.
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“The European Union’s decision to ban the majority of Russian oil imports RAC fuel spokesman Simon Williams said:
“The wholesale price of gasoline has already gone up due to the increased demand for driving in the summer which means we are likely to see average front yard prices for gasoline rise to 180p per liter in a matter of days.”
“Unfortunately, much worse will follow as the current $122 oil price is likely to lead to an average liter of unleaded price of 185 pence,” he added.
In the meantime, the average diesel price is likely to continue heading towards 190p a liter.
Average price per liter – 173.02
Cost to fill up a 55L family car: £95.16
Average price per liter: 184.80
Cost to fill up a 55L family car: £101.64
Average price per liter: 182.58.0000 TL
Cost to fill up a 55L family car: £100.42
“We urgently need the government to take further action to ease the growing burden on drivers,” Williams said, noting that around £45 of the cost of filling up a family car was currently taxed.
The reason for the high prices of gasoline and diesel is in part due to the increase in oil prices. The increase will affect drivers traveling for the Platinum Jubilee Bank weekend, which begins on Thursday.
On Monday evening, European Union leaders agreed to cut 90% of oil imports from Russia by the end of the year, imposing the bloc’s biggest sanctions yet on Moscow since its invasion of neighboring Ukraine in March.
The development drove oil prices to more than $124 a barrel, a three-month high.
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But prices at the pump are also driven by a shortage of gasoline and diesel, and refined types of crude oil.
The massive increase in demand after the global easing of restrictions imposed by the Corona virus, and the decline in refining capacity, has led to a shortage that has driven up costs.