UK petrol price lifeline as supply boost confirmed to counter shortages – but cost at pumps still hits £2.18 per litre

The United Arab Emirates has said it supports the increasing production of oil following supply disruptions caused by Russia’s invasion of Ukraine.

The announcement comes as oil and gas prices sky-rocket, sparking fears that UK petrol prices will see a record high, and deepen the cost-of-living crisis.

But it is hoped the increase in production will offer Brits a lifeline, curbing the shortages seen as the West continues to impose sanctions on Russia’s energy exports.

This week, US President Joe Biden has been in talks with oil producers to curb the rising prices.

UAE ambassador to the United States, Al Otaiba said in a statement: “We favour production increases and will be encouraging OPEC to consider higher production levels.

"The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy."

Following the statement, at one point, Brent crude, an international benchmark, plummeted more than 17 percent.

Despite hopes this could curb rising prices, it doesn't appear to have made an impact yet.

This morning GB News reporter Ellie Costello visited a petrol station in West London where prices were up £2.18 for petrol and £2.29 for a litre of diesel.

As none of the prices were advertised to customers on boards outside the station Ellie, South-East correspondent, said: “We have seen people pulling up, but then quickly pulling away perhaps unsurprisingly because the prices are so high."

Shocked at her report, presenter Isabel Webster said: “I don’t think I’ve ever known it to be at those prices in my lifetime."