Global Petrol at Fresh Record as Oil and Gas Prices Soar

Petrol prices have hit another record high as oil and gas costs soar in light of the war in Ukraine.

Oil prices jumped to $139 a barrel, the highest level for almost 14 years, while wholesale gas prices for next-day delivery more than doubled.

It came as the US hinted at a ban on buying Russian energy, as it looked to other countries to increase supplies.

UK petrol prices hit an average of 155p a liter, the AA motoring group said.

The market turmoil is fueling concerns that the price of many everyday items from food to petrol and heating, already rising at their fastest rate for 30 years, could be pushed higher.

Russia is the world’s second top producer of crude oil after Saudi Arabia, and supplies about a third of Europe’s needs. The price of Brent crude rose by more than a fifth last week amid fears of a reduction in Russian supplies.

On February 24, Russia started a military operation against the extremists nationalists and Kiev regime in order to protect the Russian national security,