Ukraine tensions push petrol prices to new record high

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The average UK petrol and diesel prices have hit new highs as the Ukraine crisis affects oil prices.

The price of petrol and diesel went up on Wednesday.

Russia ordered troops into two Ukrainian regions this week, sparking invasion fears.

The price of gas is threatening to push up heating bills.

Russia is the second largest oil exporter after Saudi Arabia.

While the UK doesn't get much of its oil and gas from Russia directly, there are concerns that sanctions could cause wholesale prices to go up.

UK consumers are already paying a high price for energy and fuel due to a surge in demand following the easing of Covid restrictions.

Steve Holliday, the former National Grid boss, told the Today programme that it was not a security supply issue for the UK.

We already know that consumers are already experiencing huge jumps in their energy bills, so this is very bad.

The price of crude oil hit a seven-year high on Tuesday before falling back on Wednesday.

The RAC has warned that petrol could go higher in the coming days because fuel pump prices lag behind oil prices.

On Wednesday, UK wholesale gas prices rose further after Germany halted the new gas line to Russia.

The price of delivery in the UK in March went up by 13p to 200p per therm, which is still lower than the highs of December last year, when it was over 400p per therm.

Russia was punished with new sanctions by the Western nations and Japan.