New Western sanctions on Russian oil and gas imports could have a drastic effect on UK fuel prices, experts have warned.
The RAC has said UK petrol prices could hit an average of £1.60 a litre this week and £1.65 soon after. Analysts have predicted the world's commodity prices will climb even higher due to the UK, US and EU announcing plans to punish Russia for invading Ukraine.
Business Secretary Kwasi Kwarteng said on Tuesday (March 8) that the UK's transition will give the market, businesses and supply chains "more than enough time" to switch to non-Russian imports. Russia's oil currently makes up eight per cent of the UK's market supply.
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In a statement shared to Twitter, he said: "Businesses should use this year to ensure a smooth transition so that consumers will not be affected. The government will also work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies."
Looking at how Bristol petrol stations are affected, there has been an increase at forecourts since the start of the week. The most expensive petrol station listed in Bristol is Shell Muller Road at 162.9p for Unleaded and 170.9p for Diesel, according to Petrol Prices, while the cheapest are listed below:
Petrol
- Asda Whitchurch - 149.7p
- Texaco Park Road - 149.9p
- Murco Stockwood Lane - 149.9p
- Asda Bedminster - 150.7p
- Tesco Soundwell Express - 150.9p
- Applegreen Bishopston - 151.1p
- Morrisons Hartcliffe - 151.7p
- Sainsbury's Winterstoke Road - 151.9p
- Sainsbury's Castle Court - 151.9p
- Texaco Bath Road - 151.9p
It's worth mentioning there were several forecourts at 151.9p per litre, including Sainsbury's St George, BP Frenchay Park Road and Texaco Kingsweston Avenue. The cheapest petrol price in Bristol has already risen by 0.8p since our analysis on Monday (March 7).
Diesel
- Murco Stockwood Lane - 152.9p
Morrisons Hartcliffe - 153.7p
BP Frenchay Park Road - 153.9p
Applegreen Bishopston - 154p
Asda Whitchurch - 154.7p
Tesco Extra Eastville - 154.9p
Texaco Park Road - 154.9p
Tesco Soundwell Express - 154.9p
Sainsbury's East Filton - 154.9p
Shell Cribbs Causeway - 154.9p
Energy analyst at Cornwall Insight, Robert Buckley, told the BBC that the UK ban was "largely symbolic" due to Russian oil contributing to such small part of the UK's overall total. Although paired with the US ban and boycotts by Western companies, the move is due to push record-high oil prices even further in the coming weeks, he said.
The real pressure is on diesel, as 18 per cent of the total demand for diesel comes from Russia, according to the Department for Business, Energy and Industrial Strategy.
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