Oil prices hit new high following EU ban on Russian oil

Average gasoline prices have reached a new record high of 173.02 per liter, according to figures, following the EU ban on oil imports to Russia.

Fuel prices have been hitting highs every few days in recent weeks as gas supply dries up at a time when demand is starting to pick up speed.

The average cost of refilling a 55-liter family car with unleaded petrol is now £ 95.16, the RAC said.

The rise in gasoline and diesel prices is partly caused by rising oil prices. The increase will affect drivers traveling during the festive weekend of the Platinum Jubilee, which begins on Thursday.

On Monday night, EU leaders agreed to cut 90 percent of Russia’s oil imports by the end of the year, imposing the bloc’s most punitive sanction to date on Moscow since its invasion of neighboring Ukraine. in March.

The development caused oil prices to soar to more than $ 124 a barrel, the highest level in three months.

But pump prices are also being driven by a shortage of gasoline and diesel, a type of refined crude oil.

A large increase in demand after the global easing of coronavirus restrictions and a reduction in refining capacity have created a shortage that is increasing the cost.

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