Fears Ukraine war could increase price of Channel Islands fuel

  • Video report by ITV Channel's Kate Prout

The are concerns the war in Ukraine will increase the price of fuel in the Channel Islands.

Oil prices have already soared to levels not seen in eight years and Russia's attack on Ukraine has sparked fears of a fresh energy crunch.

Guernsey Motor Trades Association President, Robert Cornelius said the conflict along with the end of the pandemic has created a perfect storm: "During coronavirus, there was less oil used. As the global economies have rebounded, there is more call for oil and energy for building. We also have the issue with Ukraine and Russia, and on the way this morning the news that oil has gone over $100 a barrel."

Taxi driver Glen Pontin told ITV News he spends £135 a week on petrol, and it is steadily increasing each week.

He said: "Our bottom line is getting worse. Every time prices go up, it hits our profits. Our meters are fixed by the States and changed every year or so, and that doesn't take into account the price rises of fuel."

Experts are warning UK drivers could soon see fuel prices hit £1.55 a litre - bringing the cost of a full tank of gas to an estimated £85.

RAC fuel spokesman Simon Williams said the increase in the cost of oil will “inevitably lead to wholesale fuel prices going up, which will in turn push record pump prices even higher”. He continued: "If the oil price were to increase to 110 US dollars per barrel there’s a very real danger the average price of petrol would hit £1.55 a litre. "This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would skyrocket the cost of a full tank to £85."