Russia invasion could see prices for UK holidaymakers skyrocket amid Ukraine war

The price of oil surging in response to the invasion of Ukraine by Russia means that Brit holidaymakers could be forced to cough up more for their flights.

Ukraine closed its airspace to civilian flights today (Thursday, February 24), amidst uncertainty caused by its neighbours invasion.

While that won't affect too many UK flight paths, a knock on effect of Russia's oil ownership could mean flights could cost more.

In response to the war, prices have surged above $100 (£75) a barrel.

Russia produces a reported 10% of the world's oil supplies, meaning changes in the price of fuel could have a knock on effect because airlines hedge their fares against the expected future cost of jet fuel.

The i reports that people could be asked to pay a surcharge of up to 8% for their holidays.

Under package holiday regulations, travel firms are allowed to hike prices after a customer has booked if the increase is to offset changes to exchange rates, fuel costs, taxes or fees, the publication stated.

This is also with a clause that says they don't have to let you cancel for free.

The move, however, is usually only carried out in last ditch circumstances so whether it's likely to happen remains to be seen.

  • Russia seize Chernobyl after battling Ukrainians over nuclear power plant

This morning the Ukrainian interior ministry reported that there have been hundreds of casualties across the country after Russian President Vladimir Putin declared a "special military operation."

Despite the condemnation of the West, Russian President Vladimir Putin issued a chilling warning that allies of Ukraine who try to interfere with his attack will "face consequences greater than any you have faced in history".

In response, oil prices have surged past $100 (£74) a barrel to hit their highest level for more than seven years.

The UK imports 6% of its crude oil and 5% of its gas from Russia.

Source: Read Full Article