WARNINGS OVER CONTINUED FUEL PRICE RISES AS THE COST OF FILLING UP A FAMILY CAR SPIRALS

Warnings are being sounded as the cost of filling up at the pumps rises once more, with prices per litre reaching £1.85.2p for Diesel and £1.78.5p for Unleaded at some pumps.

RAC spokesman Simon Williams warned that prices could breach £2 per litre in the not too distant future. 

The cost per barrel of oil has risen due to increased demand on the back of the war in Ukraine which has led to prices spiralling at the pumps as EU countries dependent on Russian Oil deal with the impact of sanctions levied on the country.

Although the UK itself only purchases approximately 5% of its oil supplies from Russia, demand upon other sources by EU states has lead to price increases.

Simon said: 

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“The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5p on Monday. Diesel also rose to yet another record by reaching 185.2p which takes the cost of a tank to £101.86.

“With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110.

“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season. All this combined with a weaker pound at $1.2 means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.

“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”