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Price per litre of fuel to hit £2 after EU ban on Russian oil

Average petrol prices have reached a new record high of 173.02p a litre & Diesel at 182.59, figures show, after an EU ban on Russian oil imports

Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed.

The average cost to fill a 55-litre family car with unleaded petrol is now £95.16, according to the RAC, with prices likely to continue increasing.

“The EU’s decision to ban the majority of Russian oil imports will cause the barrel price to go higher still, spelling yet more misery for fuel prices in the UK,” said RAC fuel spokesperson Simon Williams. “The wholesale price of petrol has already been increasing due to the increased summer driving demand which means we are likely to see average forecourt prices for petrol climb to 180p a litre in a matter of days.”

“Sadly, far worse will follow as the current oil price of $122 will likely lead to an average price of a litre of unleaded hitting 185p,” he added.

Meanwhile, the average price of diesel is likely to continue heading towards 190p a litre possibly even £2.

Rising petrol and diesel prices are in part being caused by climbing oil prices.The increase will hit drivers travelling for the Platinum Jubilee bank holiday weekend, which starts on Thursday.

On Monday night, European Union leaders agreed to cut 90% of oil imports from Russia by the end of the year, imposing the bloc’s most punishing sanction yet on Moscow since its invasion of neighbouring Ukraine in March.

The development sent oil prices shooting up to more than $124 a barrel, its highest level in three months.

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