London’s biggest oil refinery – The Coryton refinery – went bust just yesterday, putting around 1,000 jobs at risk. Due to this, motorists are now preparing for a possible rise in fuel prices.

“The Coryton refinery on the Thames, which refines 175,000 barrels of crude oil a day, ceased deliveries of petrol, diesel and heating oil as PricewaterhouseCooper was appointed administrator” reports The Independent.

It’s noted that PricewaterhouseCooper is currently trying to rescue The Coryton refinery but chairman of RMI petrol, Brian Madderson, says “by the end of the month, diesel will have hit a record high while petrol will be pushing up towards record levels as suppliers scrabble to bring in supplies from Europe.”

East of England MEP, Richard Howitt, said: “Supplies across London and the South-east could be affected and I have been told this could impact the Olympics.”