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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/petrol-prices-may-hit-2-at-pumps.jpg"><img class="alignnone size-full" title="Petrol rpices could hit two punds a litre is the Libya crisis escalates, a government minister warned" src="http://londonglossy.com/wp-content/uploads/2011/03/min-petrol-prices-may-hit-2-at-pumps.jpg" alt="Petrol rpices could hit two punds a litre is the Libya crisis escalates, a government minister warned"/></a></p>
<p>Petrol prices could soar to £2 a litre if the instability in Libya and neighbouring countries escalates, a government minister has warned.</p>
<p>Alan Duncan, a former oil trader, suggested the price of crude could top 200 dollars a barrel &#8211; significantly above the current record of 147 dollars a barrel from July 2008.</p>
<p>In a worst-case scenario where terrorists exploit the turmoil in the Gulf to bomb tankers and reserves, the price could even nudge 250 dollars, which would leave UK motorists paying some £2.03 at the pumps.</p>
<p>The dire warning, in an interview with The Times, came as the situation in Libya appeared to be worsening.</p>
<p>Rebels and government forces have clashed near a key oil terminal and forces loyal to Colonel Muammar Gaddafi have attacked a town near Tripoli.</p>
<p>&#8220;I&#8217;ve been saying in government for two months that if this does go wrong, £1.30 at the pump could look like a luxury,&#8221; Mr Duncan said. &#8220;USD200 is on the cards if&#8230; anyone is reckless and foments unrest.&#8221;</p>
<p>The international development minister added: &#8220;It could be very serious. If crude oil doubles, you&#8217;re going to have a serious spike (in petrol prices). Try living without it for a week.&#8221;</p>
<p>Interpol has issued a worldwide alert against Colonel Gaddafi and 15 of his close associates, as the international community continues to ratchet up the pressure on the dictator. The international police agency&#8217;s &#8220;orange notice&#8221; describes the regime figures as individuals who have been identified &#8220;as being involved in or complicit in planning attacks, including aerial bombardments, on civilian populations&#8221;.</p>
<p>They include seven of his sons, among them Saif, and his daughter Aisha, as well the defence minister, the head of external security, the director of military intelligence and Gaddafi&#8217;s head bodyguard.</p>
<p>It was also confirmed that the UK Border Agency (UKBA) had seized a ship heading for Tripoli packed with £100 million of Libyan banknotes.</p>
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