Petrol prices have risen to what is nearly an eight-year high, following a series of consecutive monthly increases…
Petrol Prices at Eight-Year High
New figures have revealed that petrol prices have nearly reached their highest levels in eight years. The price of a litre of unleaded petrol rose by 2.7p in June; taking it from 129.52p to 132.19p. A price that high hasn’t been recorded since October 2013. Diesel’s following a similar trajectory, too. It rose by 2.5p from 131.79p to 134.32p. That’s the highest it’s been since June 2019. Overall, the price of petrol has shot up by 18p since November 2020 alone.
It’s a similar trend at supermarket forecourts, too. Average prices across the board now sit at 128.17p and 130.25p for petrol and diesel respectively. Nevertheless, the prices are still £2.20 cheaper than the alterantives; a testament to the extensive buying power of supermarkets.
‘Worrying’
Simon Williams, a fuel spokesman for the RAC, commented on the rising fuel prices. He said, “if an 18p a litre hike in cost over eight months isn’t bad enough, it’s hard to see the increases coming to an end as the price of oil seems to be going up and up, with $6 being added to a barrel in June alone. Compared a year ago oil is now $35 more expensive”.
He continued, “what’s even more worrying is that some analysts are predicting an oil deficit by the end of the year, which could mean further relentless price rises in the coming months. If oil and, in turn, fuel prices continue to go up the UK’s staycation summer could end up being very expensive for millions of people”.
That said, he did suggest that one positive of the rising fuel costs was that they’d likely encourage more people to embrace electric vehicles; which typically have reduced running costs when compared to their ICE equivalents.
SMMT: How To Prepare The UK’s Car Industry For Electric Vehicles – https://autoservefleet.co.uk/latest-news/smmt-how-to-prepare-the-uk-s-car-industry-for-electric-vehicles/
Should The Government Scrap VAT On New Electric Cars? – https://autoserve.co.uk/motoring-news/should-the-government-scrap-vat-on-new-electric-cars/
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