Fuel prices are soaring in the UK, so much so that they’ve nearly reached £2 a litre in some parts of the country…
Fuel Prices Approach £2 A Litre
Soaring fuel prices mean that we’re now approaching the £2 a litre mark in the UK. According to the RAC, prices may continue to rise past that point, too; placing an enormous strain on the nation’s motorists, especially given the general cost of living crisis.
The eye-watering prices are largely a product of Russia’s invasion of Ukraine. Russia is one of the world’s largest producers of oil and gas, and so any disruption to its economy sets off a global chain-reaction. In addition, demand for fuel in China has risen as Covid-related restrictions are relaxed. Summer is also marked by greater rates of driving in the western world, driving up demand further still.
In response to the prices at petrol stations, the RAC is calling on the Government to take drastic action. Specifically, it wants a VAT cut or a further reduction in fuel duty.
An Historic First
Simon Williams, a spokesman for the RAC, commented on the crisis. He said, “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″.
He continued, “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″.
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