Source: Press TV
A British government minister says continuation of the crisis in Libya and the countries in the wider region can shoot petrol prices up to £2 a liter.
Minister for International Development Alan Duncan said the escalation of tensions in Africa and the Middle East could lead to soaring crude prices well above the record high of $147 a barrel set in July 2008 to above $200.
“I've been saying in government for two months... $200 is in the cards if this goes wrong, if anyone is reckless and foments unrest. All I'm predicting is danger," Duncan told the Times.
The official added that if a situation is conceivable in which oil tankers and reserves in the Persian Gulf region are bombed by terrorists, then the prices could even hit the $250 level that would see petrol prices rise to £2.03 in Britain.
"It could be very serious. If crude oil doubles, you're going to have a very serious spike (in petrol prices). Try living without it for a week," the veteran oil trader said.
Duncan's warning comes as the government is under pressure even now that petrol prices stand at £1.30 a liter at the pump.
This is while Duncan said such prices could “look like a luxury” if the worst happens in North Africa and Middle East.