Wednesday, March 9, 2011

UK: Petrol Prices 'Could Soar To £2 A Litre'

Petrol prices could reach £2 a litre if Middle East instablity escalates, Government minister Alan Duncan has warned.

The international development minister said, in a worst case scenario, where terrorists bombed oil tankers or Saudi reserves, the price of oil could rise to $250 dollars a barrel.

That figure would mean motorists in the UK paying around £2 a litre for petrol.

In an interview with The Times newspaper, he suggested it is possible the price of crude oil could easily top the current record price of $147 a barrel reached in July 2008.

"$200 is is on the cards if... anyone is reckless and foments unrest," said Mr Duncan. (read more)