Petrol climbs to 150p a liter as wheat hits 14-year high Business

Gasoline and diesel prices hit a new high, while the cost of wheat hit its highest level since 2008.

Road fuel costs hit a new record high for the fourth time in a week, according to RAC data, with petrol costing an average of 149.67 pence per liter and diesel hitting an all-time high of 153.05 pence.

Brent crude oil prices hit an eight-year high of nearly $106 a barrel on Thursday after Russian troops launched an invasion of neighboring Ukraine by land and sea.

They lost gains later in the session and were trading around $100 on Friday.

Meanwhile, wheat prices have spiked after the financial crisis on fears the conflict could stall grain exports from the region.

Wheat futures traded above 960 cents a bushel overnight, the highest since 2008.

The two countries account for 29% of world wheat trade and are the main suppliers to Asia and North Africa. Many of their buyers will be forced to look elsewhere as war stifles trade.

The invasion disrupted Ukrainian ports, with the country closing several and Russia blockading the strategically important Sea of ​​Azov.

It jeopardized shipments of 350,000 tons of sunflower oil to India, the world’s largest buyer.

RAC’s Simon Williams said unleaded petrol is “closer and closer to the grim £1.50 a liter mark”.

“This is the worst possible combination for motorists, as it will further increase already rising prices and worsen the cost of living crisis,” he said.

“Drivers need to be prepared for what lies ahead, with many on low incomes having to make tough choices due to the need to put fuel in their cars.”

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This notice was published: 2022-02-25 12:07:10

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