Fuel Prices To Go Up

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You will have already noticed that prices at the pump have been going up since the ending of the 20-cent discount but from Sunday they will rise again.

Despite the end of government subsidies except for commercial vehicles, some petroleum companies maintained their own discount but the problem now comes down to a decision in June last year when the EU decided to ramp up sanctions against oil imports.

Now, this sanction will take effect from Sunday the 5th, prohibiting the importation of oil and petroleum derivatives from Russia.

These sanctions came in two parts with the first coming into effect in December targeting mixed crude but from Sunday the restricions will be on all imports of petroleum products from Russia.

Nobody is sure how much this will affect the price of fuel at the pumps. However, if you consider that in December 44% of petroleum imports into the EU came from Russia, with the tap firmly closed now, prices can only go one way and we could be looking at shortages across Europe.

(News: Spain)

Tags:EU news oil petroleum russia sanctions spain sunday

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