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.
