Saudi Press

Saudi Arabia and the world
Saturday, Dec 13, 2025

Petrol prices hit new high amid Ukraine tensions

Petrol prices hit new high amid Ukraine tensions

Average UK petrol and diesel prices have hit new highs as the Ukraine crisis continues to affect oil prices, the RAC has said.

On Wednesday, petrol prices rose to 149.30p per litre amid warnings it could soon pass £1.50.

Oil prices jumped after Russia ordered troops into two Ukrainian regions this week to "maintain peace".

Wholesale gas prices also continue to climb, threatening to further push up heating bills.

Russia is the world's second-largest oil exporter after Saudi Arabia and the top producer of natural gas globally.

The UK only gets 6% of its crude oil and 5% of its gas from Russia, but there are concerns sanctions could constrict supplies and drive up prices worldwide.

UK consumers are already paying a high price for energy and fuel, with demand surging following the easing of Covid restrictions.

Former National Grid boss Steve Holliday told the BBC's Today programme: "For the UK, it's a price issue, it's not a security supply issue.

"We already know that we've got consumers that are already experiencing huge jumps in their energy bills, so this is really very unwelcome."

The price of Brent crude oil, an international benchmark, hit a seven-year high of more than $99 (£73) on Tuesday before falling back on Wednesday.

However, fuel pump prices lag behind oil prices and the RAC has warned petrol could go higher than £1.50 a litre in the coming days.

Diesel has also risen, hitting 152.68p a litre on Wednesday.

Justin Yates and Matt Williams run a removals company


Matt Williams, 30, runs Williams & Yates, a removals company that operates across the UK and Europe with a fleet of 11 vans and lorries.

Rising fuel costs have forced it to put up its prices and he fears it might impact the business in the months ahead.

"Unfortunately, we do have to pass [these costs] onto the customer," he told the BBC. "All the competition has to do the same, but I think it does make some consumers reconsider their moving options."

The firm offers basic and bespoke services, and he expects more customers to choose the cheaper option in the coming months rather than "paying loads of money".

Gordon Balmer, executive director of the Petrol Retailers Association, a trade body for independent UK forecourts, said whether fuel prices continue to rise depends on a number of factors.

"If [conflict] really sparks off in Ukraine, we could prices escalating dramatically," he said.

However, he added that the US is in the process of negotiating a nuclear deal with Iran which could see more oil come onto the market.

Gas prices


UK wholesale gas prices also jumped following Germany's decision on Tuesday to halt the final approval of Nord Stream 2 - a new gas pipeline connecting the country with Russia.

That decision drew a swift response from Dmitry Medvedev, Russia's former president and now deputy chairman of its Security Council.


"Well, welcome to the brave new world where Europeans are very soon going to pay €2,000 for 1,000 cubic meters of natural gas!" he tweeted - suggesting prices were set to double.

UK gas prices for delivery in March rose by 13.5p to 200p per therm, though that is still much lower than the highs of December last year, when it peaked at over 400p per therm.

Western nations and Japan on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine.

The UK said it was ready to impose further sanctions in the event of a full invasion of Ukraine, targeting more Russian banks and individuals as well as companies in the energy, defence, technology and chemical sectors.

After a volatile trading session on Tuesday, global stock markets climbed on Wednesday before falling back again.

Towards the end of the day, the UK's FTSE 100 was flat while France's CAC-40 and Germany's Dax had lost between 0.2% and 0.5%. The main three US indexes were all in the red.

'Enormous' rises


High energy prices in the UK have played a major part in pushing up the cost of living recently, while wages have lagged behind price rises.

Inflation currently stands at 5.5% - its highest level in 30 years.

Speaking to the Treasury Select Committee of MPs on Wednesday, Jonathan Haskel, a member of the Bank of England's Monetary Policy Committee, said energy prices accounted for nearly half of the rise in inflation over the last year.

That is likely to rise to 70% in the first three months of 2022, according to Bank of England governor Andrew Bailey.

The Bank deputy governor, Ben Broadbent, said: "If you look at the increase in energy bills this year, it is just about twice as big as any single year in the 1970s - it is enormous."

The Bank expects inflation to hit 7% in spring when the price cap on household energy bills is raised. This is far above the Bank of England's 2% target.

From April, about 18 million homes on standard tariffs will see an average increase of £693. Meanwhile, 4.5 million prepayment customers can expect their energy costs to rise by an average £708.

Consumers are also being squeezed by rising prices on goods as many companies pass on higher costs such as fuel, shipping and wages to their customers.

As well as the rise in energy prices in April, staff, companies and the self-employed will also have to pay an extra 1.25p on the pound in National Insurance. The rise is being introduced by the government to fund health and social care.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Will Saudi Arabia End Up Bankrolling Israel’s Post-Ceasefire Order in Lebanon?
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
Trump Elevates Saudi Arabia to Major Non-NATO Ally as MBS Visit Yields Deepened Ties
Iran Appeals to Saudi Arabia to Mediate Restart of U.S. Nuclear Talks
Musk, Barra and Ford Join Trump in Lavish White House Dinner for Saudi Crown Prince
Lawmaker Seeks Declassification of ‘Shocking’ 2019 Call Between Trump and Saudi Crown Prince
US and Saudi Arabia Forge Strategic Defence Pact Featuring F-35 Sale and $1 Trillion Investment Pledge
Saudi Sovereign Wealth Fund Emerges as Key Contender in Warner Bros. Discovery Sale
Trump Secures Sweeping U.S.–Saudi Agreements on Jets, Technology and Massive Investment
Detroit CEOs Join White House Dinner as U.S.–Saudi Auto Deal Accelerates
Netanyahu Secures U.S. Assurance That Israel’s Qualitative Military Edge Will Remain Despite Saudi F-35 Deal
Ronaldo Joins Trump and Saudi Crown Prince’s Gala Amid U.S.–Gulf Tech and Investment Surge
×