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Gloucestershire Business News

Impact of Ukraine crisis being felt in Gloucestershire

The impact of Russia's ongoing invasion of Ukraine is starting to be felt in Gloucestershire.

The National Cyber Security Centre - which is a part of Cheltenham-headquartered GCHQ - has called on organisations in the UK to bolster their online defences.

The NCSC has urged organisations to follow its guidance on steps to take when the cyber threat is heightened.

While the NCSC is not aware of any current specific threats to UK organisations in relation to events in and around Ukraine, there has been an historical pattern of cyber attacks on Ukraine with international consequences.

The guidance encourages organisations to follow actionable steps that reduce the risk of falling victim to an attack.

Meanwhile, oil prices have risen today amid investor concerns over tightening supplies. The price of Brent crude oil rose by more than 2% to $101 (£75) a barrel as fighting appeared to intensify near the Ukrainian capital, Kyiv.

Petrol across the UK rose to 149.43p a litre on average yesterday, with diesel at 152.83p, according to the AA.

It marks a big rise from costs this time last year when petrol prices stood at 122.50p a litre and diesel 125.99p.

It means that it will cost drivers £82.46 to fill up a 55-litre tank with petrol - £15.08 more expensive than it was this time last year.

The RAC has predicted that petrol prices at the pumps could shoot up to £1.70 per litre "very soon".

But drivers are urged not to stockpile fuel - which could see demand rise, and potentially costs go up even further as a result.

Household energy bills could top £3,000 a year in England, Wales and Scotland from October, in part due to the Ukraine crisis, a report has warned.

The bank Investec said the conflict, along with surging global demand, had made gas and electricity prices soar.

It expects the energy price cap, which limits what suppliers can charge, to hit £3,238 a year for the average home when it's next adjusted in October. The cap is already due to rise by £693 to £1,971 in April.

Despite the general gloom, stock markets in Europe and Asia have rebounded today as investors assessed Western sanctions on Russia.

The FTSE-100 was up 136 points at 7344 at 11am today while local companies to bounce back included Lloyds (up 2.16 per cent to 47.55), Renishaw (up 2.26 per cent at £4,516) and BAE Systems (up 4.84 per cent at 660.80) and EDF (up 5.55 per cent at 7.92 euros).

The Russian civil aviation regulator announced today that British airlines have been banned from landing at Russia's airports and from crossing its airspace,

Russia said the move was a response to "the unfriendly decisions by the UK aviation authorities". Yesterday, the UK banned Russia's national airline Aeroflot from landing in Britain.

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