The recent disturbing events taking place in the Ukraine have already seen increases in oil and energy costs throughout Europe as well as the UK.

For a start, the price of a barrel of oil has jumped 8%, rising up to above $100 which is the highest price since 2014. With continued disruption envisaged, oil prices could easily increase by another 20% as time goes on. The RAC has warned this size of increase may well result in a petrol price of £1.70 per litre.

As for our energy bills, we may only use 5% of Russian gas for domestic purposes, but since wholesale prices will rise in general, our energy bills will invariably rise as a result. It is not known exactly how much this increase may be, but a doubling of gas price is not off the cards. Hopefully things will calm down on the world stage sooner rather than later!

Published On: February 27th, 2022 / Categories: Fuel, Uncategorized /