FUEL prices are set to soar to around £7 a gallon in days because of shortages caused by the collapse of one of Britain’s largest oil plants.
Both petrol and diesel will crash through the £1.50 per litre barrier to record highs, say industry analysts.
The rocketing prices, which will cause yet more misery to motorists, were predicted after Swiss-based Petroplus, Europe’s largest independent refiner, announced it is filing for insolvency after defaulting on its debts.
Yesterday it said it was closing the Coryton refinery in Essex, which provides 10 per cent of the country’s fuel and is a key supplier to London and the South-east. As well as putting more than 1,000 jobs at risk, experts warned that British drivers now face a "toxic combination” of factors that will drive up prices by more than 10 per cent.
In addition to Petroplus, the EU this week agreed sanctions to boycott fuel from Iran, which retaliated by threatening to cut off the Strait of Hormuz through which around 20 per cent of the world’s oil is shipped.
See full article. http://www.express.co.uk/posts/view/297817/Now-petrol-to-hit-7-a-gallon