Oil prices today: UK petrol hits record high over Russia-Ukraine war




<p>Petrol prices have fallen more than 8p to 123.1p, but as oil is priced in dollars UK drivers are yet to feel the full benefit</p>
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Petrol prices have fallen more than 8p to 123.1p, but as oil is priced in dollars UK drivers are yet to feel the full benefit

(Getty Images)

UK petrol prices hit a new high of 151.67p per liter amid Vladimir Putin’s war with Ukraine.

As the conflict entered its second week, the price of oil soared and Brent crude – the benchmark – had the cost of a barrel at nearly $115 per barrel earlier on Thursday – the highest level since 2014.

This is in turn affecting the cost of petroleum in the UK, which hit new highs on Wednesday.

Meanwhile, the UK is on course to spend £6.3m per day on imports of Russian gas, potentially helping to fund the war in Ukraine, according to new analysis.

Around 4 per cent of the UK’s gas demand is covered by Russian imports. At current high prices, that equates to £2.3bn in a year, The Energy and Climate Intelligence Unit calculated.

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Markets mixed as oil prices rise

Global stock markets were mixed Thursday and oil prices jumped another $5 per barrel after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected.

London and Tokyo advanced while Paris and Frankfurt slipped as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country’s second-largest city and besieged two ports.

Fitch Ratings and Moody’s Ratings cut Russia’s credit rating Thursday, saying the invasion and Western sanctions have hurt Moscow’s ability to repay debts and raised risks for the economy and stability.

In early trading, the FTSE 100 in London lost 0.1% to 7,420.78 and Frankfurt’s DAX shed 0.7% to 13,900.03. The CAC in Paris slipped 0.2% to 6,482.94. On Wall Street, the future for the S&P 500 was 0.3% lower and the contract for the Dow Jones Industrial Average lost 0.2%.

In Asian trading, the Nikkei 225 in Tokyo rose 0.7% to 26,577.27 and the Hang Seng in Hong Kong gained 0.6% to 22,467.34. The Shanghai Composite Index lost less than 0.1% to 3,481.11.

Matt Mathers3 March 2022 09:50

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Households face further spike in living costs as Ukraine war threatens to send oil to record highs

Oil disruption signals a renewed cost of living squeeze on Europe, our business correspondent ben chapman writes.

Read his full piece here:

Matt Mathers3 March 2022 09:38

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UK spending millions on Russian gas imports

The UK is on course to spend £6.3m per day on imports of Russian gas, potentially helping to fund the war in Ukraine, according to new analysis.

Around 4 per cent of the UK’s gas demand is covered by Russian imports.

At current high prices, that equates to £2.3bn in a year, The Energy and Climate Intelligence Unit (ECIU) calculated.

Dr Simon Cran-McGreehin, Head of Analysis at the ECIU said: “Although not at the same level of some other European countries, the UK has been spending billions of pounds on Russian gas that could now be being used to fund Putin’s war in Ukraine .

“This is another reason why the UK needs to break its dependency on gas and insulating our homes, deploying electric heat pumps and shifting from gas power stations to renewables is the way to do it.”

Matt Mathers3 March 2022 09:29

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Petrol prices hit new record high

Fuel prices have hit a new record high as the cost of oil soars due to Russia’s invasion of Ukraine.

Figures from data firm Experian Catalist show the average cost of a liter of petrol at UK forecourts was 151.67p on Tuesday, up from 151.16p on Monday.

neil lancefield have the story:

Matt Mathers3 March 2022 09:23

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Good morning and welcome to The Independent’s coverage of oil prices, as Putin’s war with Ukraine sends prices soaring.

Stay tuned and we’ll bring you updates throughout the day.

Matt Mathers3 March 2022 09:21


www.independent.co.uk

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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