"Britain has today followed the US and banned Russian oil imports as drivers started queuing for fuel after being hit by the steepest weekly hike in fuel prices in more than 18 years due to Russia's invasion of Ukraine - with prices expected to keep rising.
Oil prices are rising at an alarming rate sparking warnings that petrol could soon hit £2 a litre – taking the cost of an average tank to more than £100 - an increase of around £17.
Unleaded hit an average record of £1.55 a litre yesterday, with industry sources saying it was likely to rise to £1.75 by next week as 5p is being added to the price every 24 hours in some areas.
But prices at some forecourts are already pushing £1.80.
Motorists queued outside a Sainsbury's petrol station in Cambridge today as they rushed to fill up cars and jerry cans before petrol prices increase even further.
There were also long lines at the pumps at a Tesco in neighbouring Suffolk.
On social media there were also reports of queues at supermarket pumps in Lancashire.
US President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter,
and the European Union this week will commit to phasing out its reliance on Russia for energy needs as soon as possible.
Half of all people who drive to work say that fuel prices will stop them using their cars because they can't afford to fill up
New data from leading office space provider Offices.co.uk reveals the huge impact rising fuel costs will have on the UK's return to the office and the nations post pandemic recovery plans as the cost of living crisis worsens for UK consumers.
Offices.co.uk conducted a snap survey of over 1500 UK office workers who commute by car to their workplace.
Latest data from the AA shows Petrol has now reached an average of 155.62p a litre.
Diesel is averaging 161.28p.
A year ago, they averaged 124.32p and 127.25p a litre respectively.
This means that the cost of filling up an average 55 litre tank is now almost £18 more expensive, at almost £86 per tank compared to last year.
If the average prices reach over £2 per litre, it will bump the price of the average 55 litre tank to £110,
some £24 more than at present but a whopping £42 a tank more expensive than last year.
This represents an enormous 60% increase in fuel costs in the 12 month period.
Johnny Ratcliffe of Offices.co.uk said 'The cost of living crisis that UK workers are experiencing is reaching breaking point.
Millions of households already facing the prospect of enormous price hikes in their home energy bills and rising food prices are now facing being unable to commute to their workplaces if the pump prices hit £2 per litre.
'Our data shows just how serious an implication this is for the UK economy if almost half of workers surveyed say they won't be able to afford to get to work anymore.
The Government needs to step in urgently otherwise working from home will become the only option for millions of workers.
The ones that are able to work from home that is. Everyone else? I dread to think'.
Filling the void without crippling EU economies will likely take some time - natural gas from Russia accounts for one-third of Europe's consumption of the fossil fuel.
The White House said Biden would announce on Tuesday 'actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.'
The US does not import Russian natural gas.
Boris Johnson has said the move to ban Russian oil and gas will punish Vladimir Putin's regime but will be introduced in a way that 'won't affect' UK businesses.
Speaking to broadcasters, the Prime Minister said: 'The UK is less exposed (than European allies) but clearly we do have diesel that comes from Russia and we can't move overnight.
Business & Energy Secretary Kwasi Kwarteng today revealed that the UK would 'phase out the import of Russian oil and oil products by the end of 2022'.
He added: 'This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.
'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.
'The UK is a significant producer of oil and oil products, plus we hold significant reserves.'
He added that the market has 'already begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer'.
'Finally, while the UK is not dependent on Russian natural gas - 4% of our supply - I am exploring options to end this altogether,' he wrote.
The UK is planning to buy more oil from the US, Saudi Arabia and the Middle East instead, but wants nine months to sort out the deals.
The move is expected to be announced this afternoon and will lay out the ban and its phase-in period, which is expected to last about a year to try to stop people panic-buying fuel at a time when energy prices are rocketing.
There will not be a ban on Russian gas - but this is still under discussion within the Government.
US President Joe Biden has decided he will ban Russian oil and gas immediately.
It came as Rishi Sunak was urged to put the City of London on a 'semi-wartime setting' amid fears the Ukraine conflict could spill further into Europe.
Amid fears energy bills could soon hit £4,000-a-month, the average price of a litre of petrol at UK forecourts rose from 149.2p on February 28 to 153.0p on Monday, according to the Department for Business, Energy and Industrial Strategy (BEIS).
Average diesel prices rose from 153.4p to 158.6p over the same period. The weekly increases of 3.8p for petrol and 5.2p for diesel are the largest in records dating back to June 2003.
They mean the cost of filling up a typical 55-litre family car has increased by more than £2 over the past week.
Figures from data firm Experian Catalist based on a different methodology to the one used by BEIS suggest the average cost per litre of petrol on Monday was 156.4p, while diesel was 162.3p.
Oil prices have spiked due to concerns over the reliability of supplies amid the war in Ukraine.
The price per barrel of Brent crude - which is the most commonly used way of measuring the UK's oil price - reached 139 US dollars on Monday, which was its highest level in 14 years
There were long queues outside the Sainsbury's petrol station as prices hit a record high due to the Ukraine crisis affecting oil prices.
Some drivers even took along extra containers to fill with petrol, with the price at pumps expected to go up again. UK petrol prices have hit an average of 155p a litre, according to the AA motoring group.
Business secretary announces end to the import of Russian oil in 2022
The queues at the Sainsbury Petrol station in Cambridge on Tuesday morning as people fill up before the price goes up again
One man was filling of fuel bottles and jerry cans in his boot in Cambridgeshire
There were also queues at the Tesco in Ely, Cambridgeshire (pictured), and also in Suffolk and Lancashire
£179.9 for unleaded and £181.9 for diesel at the London Gateway services on the M1 in North London today
The price of a barrel of oil is spiking upwards and is expected to get worse as the US pushes for a global ban on buying Russian oil
Petrol prices are going up to record levels and will continue to rise in the coming week amid turmoil in Ukraine
The eyewatering rise in petrol prices, which will peak even higher in 2022
Sources of UK crude oil imports to Britain in 2020 (thousands tonnes) according to the Department for Business, Energy & Industrial Strategy
Several plastic petrol cans totalling in excess of 40 litres are filled up and stored inside the rear of a hatchback car at Tesco filling station at Brent Cross
Queues at the Sainsbury Petrol station in Cambridge on Tuesday morning as people fill up before the price goes up again
The European Union depends to an extent on Russian energy. Pictured above are recent figures for extra-EU imports of petroleum oil and natural gas.
Russia represents a significant proportion for both.
Ministers are also discussing possible financial help for businesses hit by soaring energy bills.
Energy traders took fright yesterday over US-led efforts to promote a Western boycott of Russian oil and gas to further squeeze the ability of Moscow to fund Putin's war machine.
Oil prices also continued to rise, sparking warnings that petrol could push toward £2 a litre – taking the cost of an average tank to more than £100.
Unleaded hit a record £1.55 a litre yesterday, with industry sources saying it was likely to rise to £1.75."
a huge push to raise money for refugees from Ukraine.
Black cab drivers are not driving around to pick up passengers to save money because 5p is being added to the cost of a litre of fuel every day in Britain.
The price at the pumps could hit a wallet-hammering 175p next week as average petrol prices on UK forecourts exceeded 155p for the first time.
Global oil prices are at the highest level for 14 years today - spiking to $140 per barrel on some markets - as the West considers banning imports of Russian oil that gives the pariah state $100billion-a-month to help fund his military."
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Tuesday, March 8, 2022
From the UK: Queue for the pumps as prices near £2 a litre ($7.58 per US gallon)
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