Monday 21 August 2017

Petrol prices at record high amid unrest

Myra Butterworth

Petrol prices have reached a record high amid the unrest in Libya as experts warn costs will climb higher if air strikes damage its oil infrastructure.

Motoring organisations said the fighting in Libya had already pushed up oil prices, which could jump an additional $5 a barrel if an oil plant is hit.

Paul Watters, a spokesman for the AA, said: "Libya has shaken the market and will probably continue to push the oil price up, but it is a volatile market.

"Some of the increases will already be priced into the market and if it was more stable in Libya, then future prices would be lower."

The price of oil has hovered at around $114 to $115 a barrel. (© Daily Telegraph, London)

Irish Independent

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