has come forward with this - | unprecedented raft of sanctionsi along with other western allies, there s a fear that of course russia i is no longer a reliable supplier. of gas, of oil as well. earlier, a threat by moscow to cut off gas supplies to western europe sent the prices of oil and gas soaring. the russian deputy prime minister warned of catastrophic consequences for the global market with oil driven to more than double to $300 a barrel. well, this was the price of brent crude a short while ago after the benchmark hit its highest level for 13 years last week. that s translated to real world effects at the petrol pump. the uk has already been hit by the steepest weekly hike in fuel prices in at least 18 years. the average price of a litre of petrol at uk forecourts rose to 153p on monday, that s $2, with diesel prices almost 159p. let s get more from samira hussain,
they probably stand to benefit from they probably stand to benefit from the potential rise in oil prices and be able the potential rise in oil prices and be able to the potential rise in oil prices and be able to increase their revenues. that could help them build their purchasing power for food which is what purchasing power for food which is what they purchasing power for food which is what they need so desperately, but if there is what they need so desperately, but if there is no availability of cheap wheat, if there is no availability of cheap wheat, then it won t matter. so this is the kind wheat, then it won t matter. so this is the kind of wheat, then it won t matter. so this is the kind of stuff with prices today is the kind of stuff with prices today have led to food riots and unrest today have led to food riots and unrest in today have led to food riots and unrest in the past when exactly back in 2010, unrest in the past when exactly back in 2010, it unre
story, bbc dot coms flash news. faisal islam the bbc economic editor is saying to g7 nations cannot ban the world poz largest oil producer without tangible consequences, so he is talking about the uk in the us taking this decision and he goes on that some of this is already packed and into the goa price of crude oil with record pump petrol and put elite diesel prices, but he quotes president biden saying he was candid with the american people that there was a price for freedom and i with the american people that there was a price forfreedom and i guess this is the thing that s coming out in a lot of our conversations on the programme at the moment. that while the west in particular repositions its relationships with russia and franklin ends a lot of them, it then needs to pivot in different parts of the economy in different parts of the economy in different parts of the way that the countries function in order to do without those russian supplies in that s not something that can be don