Britain faces the danger of fuel chaos as it will be deprived of the Iranian oil after the Islamic Republic announced plans to put an end to its oil exports to Britain and France.
As Iranâ€™s Ministry of Oil has confirmed that Iran will stop its oil exports to Britain and France, the fuel price in Britain is expected to rise to record levels. The news comes as oil prices hit a six-month high with the price of Brent crude reaching USD 120 a week after Iran warned about halting oil exports to the European Union states.
Furthermore, less than one week after the EU countries announcing an upcoming embargo on Iranâ€™s oil exports by July 2012, the average price of petrol across Britain rose to 134.03p per liter (from 133.89p) with the price of diesel rising to 142.32p per liter (from 142.21p).
The Coryton refinery on the Thames suspended its supplies as its insolvent owner Petroplus filed for bankruptcy.
The Daily Mail reported â€œqueues at the pumps and soaring pricesâ€ as the newspaper warned that Britainâ€™s â€œpetrol pumps began to run dry.â€
Recent news about Iran stopping its oil exports to British and French companies have resulted in serious implications for the British government as soaring prices and petrol shortage would be felt soon.