FEARS have been raised over petrol and energy prices as Putin declares war on Ukraine, with households hit by higher costs.
Russia unleashed a missile attack on Ukraine this morning after months of growing tension between the two nations.
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Around 200,000 Russian troops circled Ukraine’s north, south and eastern borders as the invasion began.
As Putin declares war on Ukraine, fears have been raised over how Brits’ finances will be hit by the crisis as gas and energy prices go up.
Russia is one of the world’s largest producers of oil, and prices are rising as concerns build over how the Ukraine crisis will impact distribution of supplies.
It’s caused crude oil to hit $102.48 a barrel – the highest price seen in eight years.
And just since the beginning of this year, the price per barrel has surged by $20.
Soaring prices are being passed onto drivers filling up at the pumps.
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The AA estimates that motorists are now paying £14.72 extra for their fuel.
This is because those with a typical 55-litre tank will now be paying £81.73 – up from £67.01 last year.
The crisis isn’t only driving up fuel costs – Brits could see their energy bills surge too.
Concerns are growing over whether Russia will decide to restrict the flow of natural gas to Europe as tensions grow, with key pipelines passing through Ukraine from the country.
Fears have been raised that shortages could happen if tensions develop which could drive up prices.
But costs are already on the rise, as wholesale gas prices opened at 285p per therm – a 33% increase over night and a 65% increase since close on Monday.
They are not yet at a record high, which was last seen in December 2021 – but they are higher than normal.
Wholesale gas prices need to be high for a sustained period of time before it will have any impact on the price customers pay.
The UK’s stock market was also shook after Russian missiles blasted Ukraine earlier this morning.
The London Stock Exchange’s leading FTSE 100 index plunged more than 200 points, or 2.7%, within moments of opening this morning in reaction to the invasion.
The impact of the crisis on fuel and energy prices will come as a blow to millions of families whose budgets are already being squeezed due to a cost of living crisis.
But there are ways of beating the fuel hikes – we explain how to drive down the cost of filling up.
How to cut petrol costs
Before you fill up, make sure to check how much your nearest stations are charging for fuel.
That means you can see which one is offering the best deal, saving you money.
The website petrolprices.com allows you to do 20 free searches on petrol stations near you to see which have the cheapest prices.
Try and reduce the amount of trips you are taking in your car as well.
You could find someone to car-pool with – ask your work if you can put out a notice on your workplace intranet or put an ad up on your office noticeboard.
By organising a car pool, you can split petrol costs between more people – which means you’ll be paying less.
You can also make a tank of fuel last longer by making sure your tyres are at the right pressure, and not being heavy handed with the accelerator.
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