"The rise in fuel costs is unprecedented. If the situation in the Gulf continues, petrol could reach £1.50 per litre and diesel £1.80 by Easter."
"Interest in electric vehicles reportedly quadrupled at some dealerships in Asia, with Chinese EV giant BYD and Vietnamese manufacturer VinFast experiencing record sales."
"Farmers are already feeling the impact, as red diesel prices have risen by 55% in just a month, raising concerns about food inflation."
"Transport networks, including London taxis and airport services, are under strain as operating costs rise, while mortgage rates and household energy bills are also climbing amid global inflationary pressures."
Oil prices have surged above $100 a barrel due to Iran blocking trade through the Strait of Hormuz. In the UK, petrol prices average £1.44 per litre, with diesel at £1.66, prompting a shift towards electric vehicles. Interest in EVs has quadrupled in Asia, with manufacturers like BYD and VinFast seeing record sales. The crisis affects farmers with a 55% rise in red diesel prices, impacting food inflation. Transport networks face increased operating costs, while global inflation pressures rise mortgage rates and household energy bills.
Read at London Business News | Londonlovesbusiness.com
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