Fuel prices on show at Dublin service station as gas excise responsibility minimize in Ireland

Petrol and diesel prices hit a brand new every day record on Wednesday as Russia’s warfare in Ukraine drives up oil prices globally.

Figures from information agency Experian Catalist present the typical value of a litre of petrol at UK forecourts was 159.6p, up from 158.2p on Tuesday.

The common value of a litre of diesel reached 167.4p on Wednesday, up from 165.2p on Tuesday.

Meanwhile, a gas spokesperson for the RAC stated {that a} tank of petrol now prices virtually £88, whereas diesel “has now gone over £92”.

Simon Williams stated: “Diesel sadly seems to be on a transparent path to £1.70 a litre.

“As that is a mean worth, drivers can be seeing some unbelievably high prices on forecourts as retailers go on their elevated wholesale prices.

“But there was a touch of higher information yesterday on the wholesale market with substantial drops in each petrol and diesel which could lead on, in per week or so, to a slight slowing within the every day pump worth will increase, and data being damaged much less incessantly.”

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Watch: Boris Johnson outlines plan to section out Russian oil and fuel by finish of 2022

Boris Johnson outlines plan to section out Russian oil and fuel by finish of 2022

Emily Atkinson10 March 2022 12:30

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Tank of petrol prices ‘almost £88’, RAC says

A gas spokesperson for the RAC at this time stated {that a} tank of petrol now prices virtually £88, whereas diesel “has now gone over £92” because the Russian invasion continues to push up fuel prices worldwide.

Simon Williams stated: “Diesel sadly seems to be on a transparent path to £1.70 a litre.

“As that is a mean worth, drivers can be seeing some unbelievably high prices on forecourts as retailers go on their elevated wholesale prices.

“But there was a touch of higher information yesterday on the wholesale market with substantial drops in each petrol and diesel which could lead on, in per week or so, to a slight slowing within the every day pump worth will increase, and data being damaged much less incessantly.”

Emily Atkinson10 March 2022 12:03

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Cut to excise responsibility on gas introduced by Irish Government

A major minimize within the excise responsibility on gas has been introduced by the Irish Government.

At a press convention in Government Buildings, Finance Minister Paschal Donohoe confirmed a minimize of 20 cent per litre on petrol and 15 cent per litre of diesel.

However, Mr Donohoe warned that there was solely a lot the Government may do to insulate companies and customers from an increase in prices exacerbated by the warfare in Ukraine.

Emily Atkinson10 March 2022 11:13

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Food payments will soar attributable to rising gas prices, distributors say

A hike in gas prices will enhance the worth of groceries and meals in eating places, the Federation of Wholesale Distributors has warned, as drivers and companies had been hit by a every day rise in diesel prices.

Oil prices have soared amid considerations over the reliability of provides attributable to Russia’s invasion of Ukraine – now getting into its third week.

The worth per barrel of Brent crude – essentially the most generally used manner of measuring the UK’s oil worth – reached 139 US {dollars} on Monday, which was its highest stage in 14 years.

My colleague Charlene Rodrigues has extra:

Emily Atkinson10 March 2022 10:36

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Petrol hits new record high of 159.6p as Russia’s invasion of Ukraine disrupts oil provides

Petrol and diesel prices surged to a brand new high on Wednesday as Russia’s invasion of Ukraine brought about main disruption to grease provides.

Figures from information agency Experian Catalist present the typical value of a litre of petrol at UK forecourts was 159.6p, up from 158.2p on Tuesday.

The common value of a litre of diesel reached a brand new high of 167.4p on Wednesday, up from 165.2p on Tuesday.

Emily Atkinson10 March 2022 09:57

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Gas prices up 66% final week, new figures present

The System Average Price (SAP) of fuel rose by 66 per cent within the week to 6 March to its highest recorded stage – at 15.5p per kilowatt hour.

According to the Office for National Statistics (ONS), that is greater than double the earlier largest weekly enhance of 25 per cent on 19 December 2021, as proven in information from compiled by the National Grid.

Emily Atkinson10 March 2022 09:37

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Cost of gas in Wales virtually at £2 a litre

Two filling stations in Wales are charging near £2 per litre of petrol, reviews Wales Online, as the worth of gas continues to soar throughout the UK.

According to the petrol station comparability web site PetrolPrices.com, the worth on the BP Moto Services on M4 close to Swansea and Pont Abraham motorway providers surged to 192.9p per litre as of yesterday afternoon.

Emily Atkinson10 March 2022 09:13

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UAE is not going to act unilaterally to extend oil manufacturing, supply says

A United Arab Emirates official has poured chilly water on hypothesis pushed by earlier feedback that Abu Dhabi favours a rise in oil manufacturing.

The UAE’s ambassador to Washington, Yousuf Al Otaiba, had stated in an announcement the embassy posted on Twitter that Abu Dhabi favoured a rise in oil manufacturing and would encourage OPEC to think about increased output.

But in a later assertion, Energy Minister Suhail al-Mazrouei stated the nation believed within the worth OPEC+ dropped at the market.

On Thursday, a UAE supply acquainted with the matter instructed Reuters that the nation stays dedicated to the OPEC+ alliance and won’t act by itself to lift oil output, with solely its power ministry is answerable for oil coverage.

Until now, OPEC+ has resisted calls from the US and allies to ramp up output, whilst oil prices surge.

After Mr Otaiba’s feedback, international oil prices on Wednesday plunged essentially the most because the early days of the pandemic practically two years in the past.

Andy Gregory10 March 2022 08:48

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‘People are starting a little bit of panic-buying,’ haulage skilled warns

A Stormont committee has been instructed that the rise in gas prices is placing an actual pressure on the freight and haulage industries, Jonathan McCambridge reviews.

Seamus Leheny, from Logistics UK, instructed the Infrastructure Committee there is no such thing as a scarcity of gas on forecourts, however added that there’s some proof of panic-buying following Russia’s invasion of Ukraine.

“Fuel prices is a real strain on the haulage sector,” he stated. “A barrel of crude oil has risen 34% because the Ukraine/Russia battle. Since the beginning of the yr the speed enhance in a barrel of oil has been 56%.

“I might stress there is no such thing as a scarcity of gas within the forecourts right here.

“What we’re seeing is there are some people who find themselves going to garages and there’s a lack of diesel. That is just because individuals are beginning a little bit little bit of panic-buying, they’re placing extra into the tank as a result of they’re seeing the prices rising virtually on a every day stage.

“That is solely a provide chain subject, it’s about getting sufficient oil from the terminals, however I might stress that there’s sufficient gas within the provide chain to maintain everybody and all operators there and we’d simply ask that individuals stay calm and wise.”

You can learn the total article right here:

Andy Gregory10 March 2022 08:18

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Spike in oil prices to hit meals payments, commerce physique warns

The Federation of Wholesale Distributors has warned spiking gas prices will trigger the worth of groceries and meals in eating places to rise, after drivers and companies had been hit by a record every day enhance in diesel prices on Tuesday.

The commerce physique instructed the BBC its members would go on transportation prices to meals business clients.

“Food price inflation is already happening, but this is going to make it worse, because there’ll be charges passed on to customers and then obviously to end users as well,” chief govt James Bielby instructed the broadcaster.

Figures from information agency Experian Catalist present the typical value of a litre of gas at UK forecourts reached 165.2p, up practically 3p on Monday’s 162.3p.

The RAC stated the leap was the biggest on data relationship again to the yr 2000.

Andy Gregory10 March 2022 08:06

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