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Business News/ Specials / UK's fuel prices weigh consumer pockets ahead of Russian import bans

The United Kingdom's petrol and diesel prices hit another record as fresh sanctions on Russia amidst Kremlin's Ukraine invasion continue to boil fuel prices. The UK has announced to ban all imports of Russian oil and refined products.

On Tuesday, in the UK, the average diesel price climbed to 165.24 pence a liter ($2.17) up by 3 pence from the previous day's price level - second-largest daily rise on record since 2000, according to RAC.

Meanwhile, gasoline jumped to 158.20 pence a liter. Both diesel and gasoline are likely to rise ahead.

UK's decision to ban all imports of Russian oil will take a toll on President Vladimir Putin-led government as it is a major source of revenue for the latter. However, diesel price in Britain is seen vulnerable as approximately one-third of its import of fuel comes from Russia.

Higher fuel price further adds to the woes of the household budget as everything from electricity and natural gas to food is getting expensive - weighing on pockets immensely.

Uk's neighbour European Union has also agreed to add 146 members of Russia's upper house of parliament and 14 Kremlin-linked oligarchs and relatives to its sanctions list as Moscow's war with Ukraine intensifies.

This week, wholesale fuel prices have dramatically skyrocketed and the upside in pump price does not seem to calm down in coming days - spiking inflationary pressures ahead.

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Updated: 09 Mar 2022, 07:10 PM IST
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