UK fuel prices hit new record

Experts have predicted prices will go higher after the EU’s decision to ban Russian oil imports

Big Zero Report 2022

A family needs to pay £95.15 for petrol and £100.42 for diesel to fill up a 55-litre car.

Fuel prices in petrol stations across the UK continue to skyrocket amid the volatile energy landscape and the war in Ukraine.

RAC fuel spokesperson Simon Williams said: “The price of petrol moved up to yet another record by averaging 173.02p on Monday while diesel stood still at 182.58p.

“The EU’s decision to ban the majority of Russian oil imports will cause the barrel price to go higher still, spelling yet more misery for fuel prices in the UK.

“The wholesale price of petrol has already been increasing due to the increased summer driving demand which means we are likely to see average forecourt prices for petrol climb to 180p a litre in a matter of days.”

Mr Williams has predicted that “far worse will follow” as the current oil price of $122 (£96) will likely lead to an average price of a litre of unleaded hitting 185p.

Diesel is also forecast to jump this week as the wholesale market starts to price based solely on non-Russian diesel.

The RAC has called 0n the government to take more action to ease the financial pressure on drivers.

It continued: “It seems very unfair that the Chancellor should be benefitting by around 30p a litre in VAT from sky-high pump prices when hard-pressed motorists are struggling to make ends meet.

“As VAT is a ‘tax on a tax’ applied on top of 53p a litre duty, it means drivers are paying 82p to the Treasury on every litre of petrol, so around £45 of the cost of filling a family car is currently tax.”

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