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The price of fuel could fall to record levels due to wholesale fuel and global facilitation of oil distribution.
The average price per liter of gasoline reached 1.63 pounds on Sunday, after rising above 1.60 pounds for the first time last week, reports the BBC.
Oil reached over 1.73 pounds per liter, but prices are said to stabilize. The opposite only happens if global oil prices rise again.
But British lawmakers were told it was “calm before the storm”, referring to the fact that prices could rise again.
Nathan Piper, head of oil and gas exploration at financial services company Investec, said consumers “should be prepared for the continuing rise in fuel prices”.
The Russian occupation of Ukraine caused rising oil costs worldwide.
“If stricter action is imposed on Russia and 5 million barrels a day are really removed from the market, then oil prices would not be high,” Piper said.
He explained that the UK had enough petrol but imports a large portion of the oil.
Two-thirds of UK consumers use oil so there may be a price increase.
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