Sunday, March 6, 2011

Minister: petrol prices could hit £2

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.

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