7 March 2022

Pump fuel reaches record highs due to ongoing Ukraine crisis

As a result of the current situation in Ukraine, the price of crude oil has skyrocketed.

The price of petrol and diesel in the UK has risen to record highs, with the average price of petrol exceeding £1.51 a litre and diesel increasing to over £1.55.

Russian oil exports account for approximately 8% of global supply, due to the nearly £10 increase in the oil price per barrel. Prices are expected to rise even higher if the relations with Russia worsen. The International Energy Agency member countries have agreed to release 60 million barrels of emergency stockpiles in an attempt to relieve the issue, but whether or not this will ease the market is yet to be seen.

As for fleets, if your petrol and diesel cars are costing your business too much money, there has never been a better time to switch to an electrified fleet. Activa customers benefit from our new “Early Termination Incentive” which allows fleets to change out of their ICE cars before contract end, saving both businesses and drivers money.

Read more on the Ukraine crisis affecting pump prices on the FleetNews website.