Russia provides around 8% of the global supply. With the current situation the cost of oil experienced a surge today. This can only result in one thing… an increase of fuel prices and UK and European petrol stations.
Looking at the facts, the cost of a barrel of oil has just passed $113 per unit. The last time we experienced that price was back in mid 2014. We have also seen gas prices increase, nearly double in parts of Europe. All these new price hikes have been because of the invasion of Ukraine, resulting in new challenges faced by traders buying and shipping oil. The cost of petrol across the UK averaged around £1.51 on Tuesday 1st March 2022.
Consider that Europe buys 40% of its gas supply from Russia, so the EU needs to be careful with any sanctions imposed on Russia. The long term effects could cause ripples in the UK and EU economy that could be felt for a significant amount of time.