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Petrol Pump prices going up - Stoki - 12-02-2022
RAC urges petrol pumps not to hike fuel prices
The RAC is urging retailers not to hike fuel prices as the cost of oil rises to nearly $100 a barrel, its highest level since 2014.
The cost of one barrel has gone up by more than 60% in the last 12 months alone, costing around $60 in February 2021.
As global oil production continues to fall behind demand, which is increasing as the pandemic begins to wane, a single barrel has risen to $98 in the last week.
Moreover, recent tensions between Ukraine and Russia — the world’s third biggest oil producer — have caused prices to climb further.
Despite this, the RAC do not see a justification for hiking fuel prices during a difficult period for many consumers.