Russian oil sanctions could see fuel prices skyrocket

6PR’s Oliver Peterson says a ban on Russian oil may end in gasoline costs of $3 a litre.

“We’ve seen the moves from the likes of Visa, MasterCard, Amex, Google, IKEA withdrawing or shutting down their operations in Russia,” Mr Peterson stated.

“If we do the same with oil, the Russians produce about 11 per cent of the global oil supply, $2.15 a litre for unleaded – that is probably going to be cheap if we go down this path for the next 6 months of so.

“We’re probably going to hit $3 a litre.”

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