Evening Washington
Sunday, February 28, 2021
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business
No Result
View All Result
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business
No Result
View All Result
Evening Washington
No Result
View All Result
Home Business

Petrol prices to surge amid Saudi instability

admin by admin
November 7, 2017
in Business
0
Petrol prices to surge amid Saudi instability
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

US pushes ahead with new rules for Chinese firms

Elon Musk passes Bill Gates to become world’s second-richest person

UK motorists are driving towards a surge in fuel costs, according to motoring organisations as oil prices hit levels not seen for two-and-a-half years.

The RAC predicted a rise of 3p-per-litre for unleaded users in the next fortnight as oil markets factor in uncertainty on several fronts.

Brent crude struck $64 a barrel on Monday, continuing a rise in oil costs in recent weeks that had been mostly built on market hopes of further production cuts to tackle a longstanding supply glut.

But stability in Saudi Arabia – the world's largest producer – has come in to sharp focus in recent days.

Initially, the market was forced to digest the potential implications of a reform drive by the country's crown prince.

While Mohammed bin Salman had already revealed ambitions to diversify the country's economy away from its reliance on oil wealth, he launched a corruption purge at the weekend that has seen dozens of businessmen, military top brass and even princes detained.

Image:Billionaire Saudi investor Prince Alwaleed bin Talal is among the senior figures detained
All those detained under the crackdown are being held at a five-star hotel in Riyadh
Image:All those rounded up under the corruption probe are being held at a five-star hotel in Riyadh

Attention then turned to growing tensions between Saudi Arabia and Iran over the Saudi-led military action against the Houthi movement in Yemen.

Saudi state news agency SPA reported on Tuesday that Mohammed bin Salman had accused Iran of supplying rockets to the group which could "constitute an act of war".

The strongly-worded remarks were a response to the firing of a rocket into Saudi Arabia.

The impact of rising prices is already being felt by UK motorists – with more upwards pressure looming in the coming weeks as oil costs can take up to three weeks to be reflected in pump prices.

:: Shell sees profits boost as oil price climbs

:: BP rewards shareholders as oil outlook brightens

According to the latest data from Experian Catalist, drivers can expect to pay an average of almost 119p per litre for unleaded and 121p for diesel.

Both the RAC and AA told Sky News drivers should brace for increases at the petrol station.

RAC fuel spokesman Simon Williams said: "Petrol will be most affected with the current average price of 119p a litre rising by around 3p in the next fortnight.

"Diesel, which currently costs an average of 121p a litre, is likely to go up by a penny."

He pointed to the prospect of further production cuts being announced by the OPEC group of producing nations as potentially putting further pressure on prices though the AA said higher US crude output could provide a counter balance.

Its fuel spokesman, Luke Bosdet, said higher fuel costs spelled bad news for the economy.

"This time the stakes for drivers and the UK drivers and consumers have been made worse by the interest rate rise, which came off the back of higher inflation fuelled partly by high pump prices.

"Higher pump prices siphon money from the high street to the pump. That is bad news for shops and shoppers heading towards Christmas."

Let's block ads! (Why?)

Original Article

Sky News

ShareTweetPin
admin

admin

Related Posts

US pushes ahead with new rules for Chinese firms

US pushes ahead with new rules for Chinese firms

by admin
December 3, 2020
0

The US House of Representatives has passed a law to kick Chinese companies off US stock exchanges if they do...

Elon Musk passes Bill Gates to become world’s second-richest person

Elon Musk passes Bill Gates to become world’s second-richest person

by admin
November 24, 2020
0

Tesla boss Elon Musk surpassed Bill Gates to become the world’s second-richest person as the electric-car maker continued its staggering...

Philippines to cancel Landing’s $1.5B casino project

by webadmin
November 6, 2020
0

When we get out of the glass bottle of our ego and when we escape like the squirrels in the...

Australian PM Pitches Digital Economic Recovery

by admin
October 21, 2020
0

Scott Morrison wants Australia to become one of the world’s leading digital economies within the next 10 years. The prime...

NBA: Los Angeles Clippers hire Tyronn Lue as new head coach

by admin
October 21, 2020
0

LOS ANGELES (AFP) – The Los Angeles Clippers announced Tuesday (Oct 20) that Tyronn Lue has been promoted from assistant...

Next Post

Challenger bank OakNorth makes first loan to a listed company in £10m deal

Hope of reimbursement plan for bank fraud cases

Hope of reimbursement plan for bank fraud cases

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sport

Mets retaining Luis Rojas as manager

Mets retaining Luis Rojas as manager

November 24, 2020
Nets no longer focused on James Harden trade pursuit

Nets no longer focused on James Harden trade pursuit

November 24, 2020
  • 21.8M Fans
  • 81 Followers
  • 103k Subscribers
  • 657 Followers
  • 22.9k Followers

MOST VIEWED

  • ‘Amphan’ may bring first flood of year in Assam: CWC

    ‘Amphan’ may bring first flood of year in Assam: CWC

    0 shares
    Share 0 Tweet 0
  • Where to buy Bitcoin in the UK and how does it work

    0 shares
    Share 0 Tweet 0
  • Playboy Model Marisa Papen Arrested For Dragging Cross In Front Of Vatican While Naked

    0 shares
    Share 0 Tweet 0
  • Russia Scores Gold In Women’s Figure Skating, Leaving USA Ladies Without Medals

    0 shares
    Share 0 Tweet 0
  • 24 Of Genie Bouchard’s Sexiest Shots Off The Court [SLIDESHOW]

    0 shares
    Share 0 Tweet 0

CATEGORY

  • Africa
  • Asia
  • Business
  • Europe
  • Fashion
  • Health
  • latest news
  • Sports
  • TECH
  • Uncategorized
  • USA News
  • World

SITE LINKS

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
  • Landing Page
  • All Features
  • Get JNews
  • Contact

© 2020 eveningwashington.com.

No Result
View All Result
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business

© 2020 eveningwashington.com.