Iran’s oil embargo on Britain has already driven price of petrol and diesel to an all-time high while the British foreign secretary denies any impact on Britain’s energy security.
The Daily Mail reported on Tuesday that the price of diesel rose to 143.16p per liter while the price of crude oil continues to soar following Iran’s decision to stop oil exports to British and French companies.
The news about the hike in pump prices came as informal reports by local residents said the price of diesel soared to £1.46 or even £1.47 in some rural areas in the UK.
Moreover, as the price of oil continues to rise, industry analysts in Britain have predicted that hikes in the price of petrol could be as much as 7p per liter.
“The rule of thumb used to be that a $2 rise in the price of a barrel of oil added 1p a liter to pump prices,” said a spokesman for AA, which provides British motorists with advice.
This comes as Brent crude was traded at over $123 per barrel on Thursday and the world’s largest oil trader, Vitol, forecast that the price of crude oil would soar to over $150 per barrel.
Furthermore, AA reported that the price of unleaded petrol in Britain has risen by 1.5p per liter to over £1.35.
The all time hikes in the pump prices come as the British foreign secretary William Hague insisted that Iran’s oil embargo on Britain would leave “no impact on Britain’s energy security.”
Iran’s opportune decision to cut oil to France and Britain delivered the two countries a blow as they were not yet prepared for arranging alternative sources to replace Iran’s oil.
“They’ve [Iranians] decided to impose their own embargo boycott on the offending powers. And they’re starting with the two biggest imperialist bullies on the schoolyard, the British and the French, who are now so weak that they can only act together. They are a kind of an imperialist bicycle built for two. So, they get slammed first. They haven’t had time to carefully arrange the fallback options and the alternative sources of oil,” said American journalist and historian Webster Griffin Tarpley in an interview with Russia’s English-language news channel, Russia Today.
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