Petrol prices hit new record high of 173p a litre as EU bans Russian oil imports
£95.15 to fill up an average family car after latest rise in fuel costs, says RAC
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Average petrol prices have reached a new record high of 173.02p a litre after an EU ban on most Russian oil imports.
It cost £95.16 to fill an average family car on Tuesday, the RAC said.
Fuel prices have been setting record highs every few days in recent weeks, piling more pressure on struggling households that are also seeing food, gas and electricity costs rise sharply.
Petrol and diesel have risen on the back of higher oil prices after supplies were disrupted by Russia’s invasion of Ukraine, and western sanctions imposed in response. Meanwhile, demand has risen as the world has emerged from the Covid pandemic.
European Union leaders moved on Monday night to impose a partial oil embargo on Russia, following a summit that saw a long-delayed package of sanctions blocked by Hungary.
The watered-down embargo covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline.
It was enough to send oil prices higher on Tuesday morning with international benchmark Brent crude trading at $123.50 per barrel, up 1.5 per cent. West Texas Intermediate, an American oil blend, was up 2.7 per cent to £118.20.
Analysts warned that motorists could face further fuel price hikes if the EU agrees a tougher oil embargo in future.
Callum Macpherson, head of commodities, at Investec, said oil markets had been surprised to hear that EU member stated had reached a deal overnight.
“This deal is clearly watered down from what was originally proposed several weeks ago,” Mr Macpherson said.
“It is maybe that the EU, knowing it would face credibility issues if it did not do something, decided it was better to get a deal done and can then work to implement a stronger ban over time. We now wait to hear more detail on timelines and additional sanctions.”
Prices at the pumps are also being pushed up by a lack of capacity to refine crude oil into its various component parts such as petrol and diesel.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments