FX.co ★ UK faces soaring petrol prices

As in many parts of the world, rising fuel prices are now seen in the UK. So, it is not only US consumers who are feeling pain at the pump. The energy crisis has long been looming over the country, and now it is in full swing. The average price of petrol in the UK has recently set a new record and is not going to stop there. Today, the cost of petrol tops £1.785 per liter, its highest value since the record started. The wild rally is likely to continue as fuel prices have been hitting new record highs almost every day for the past few months. Families with diesel cars also feel the pressure. The price of diesel fuel also increased to £1.852 per liter amid challenges that global refineries are facing nowadays. Interestingly, in his article for the Guardian, Larry Elliott mentions that the economic war against Russia is not going according to the plan. On the contrary, “things are going very badly” for the West. He explains that the anti-Russian sanctions have had the “perverse effect” of driving up Russia’s oil and gas exports, thus massively boosting its trade balance.