Fuel Prices On The Rise Again

Fuel prices are guaranteed to rise as oil prices soared to the highest level in more than two years due to the violence in Libya. Libya has sizeable exports and the fear is that violence would spread into neighbouring countries in the middle east.

Many of the main oil companies suspended production in Libya including UK based BP. The fall of the governments in Tunisia and Egypt has sparked protests in Bahrain, Yemen, Morocco, Jordan and Iran.

This has added about $10 to the price of crude oil, and will have a direct knock on effect to pump prices in the coming weeks when refineries re stock.


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