By Petrol and diesel prices reach new record high
Fuel prices have hit a new record high across the UK according to motoring organisation The AA.
Over the weekend petrol reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre last Thursday.
Fuel previously hit a record in November, before wholesale and retail prices fell back.
RAC’s fuel spokesman Simon Williams said the price of filling a 55-litre family car was now an “eye-watering” £81.41.
Driven largely by the wholesale price of energy, fuel prices at the pump have increased due to tensions over whether Russia will invade Ukraine.
Today, oil prices hit their highest level since 2014, reaching $95.56 a barrel.
If the situation in Ukraine deteriorates, oil and gas supplies from Russia to Europe may be interrupted, pushing up wholesale prices further.
The supply of oil and gas has already struggled to keep up with growing demand as the global economy picked up in recent months as Covid restrictions eased.
The RAC’s Mr Williams told the BBC: “On a positive note, retailer margins – which were the reason drivers paid overly high prices in December and January – have now returned to more normal levels of around 7p a litre.”
He said the big four supermarkets, which dominate fuel sales, should “play fair” with drivers by keeping their profit margins low.
Day-to-day prices for food, household bills and other items such as used cars, have risen sharply in recent months, in part due to rising energy prices.
UK inflation is now at a 30-year high of 5.4% as new inflation figures for January will be released by the Office for National Statistics on Wednesday.
