Petroleum prices in US exceeds $5 per Gallon for the first time

Petroleum prices rose to $5 a gallon on Saturday, according to Reuters. In the United States, one gallon contains four and a half liters.

Oil prices are rising worldwide due to rising demand, sanctions on Russia and declining crude refining capacity.

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A year ago, the average price of petrol in the United States was $3.07, which has risen by 62% so far.

Petroleum prices in the United States were 35 percent higher in May this year than in 2021. This has led to an overall increase in the prices of consumer goods.

Commodity prices rose 8.6 percent in May this year compared to last year. This year, the 40-year record of inflation in the United States has been broken.

Oil prices have risen sharply since Russia invaded Ukraine in February this year and imposed economic sanctions. Which has affected world oil prices and inflation.

The current price of a barrel of crude oil in the British capital London and the American city of  New York is $120.