The rising cost of fuel
With the UK supporting Ukraine through trading bans as way of punishing Russia for its invasion, oil is the next commodity on the sanction list sending the cost of fuel escalating to over $130 a barrel on Tuesday last week.
The EU gets around 30% of its oil from Russia, with the UK less reliant importing 8%.
The gov.uk website states 70% of Russian oil is currently struggling to find a buyer and “competitive global market demand will quickly be met by alternative suppliers”.
The increase is immediately evident at the petrol stations around the UK, which in turn means the already inflated freight costs look very likely to increase further.
Simpex Express are increasing their capacity to co-load express shipments to and from Europe, in an effort to keep customers’ costs down and reduce mileage.
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