Prices Of Gasoline And Diesel Have Risen To New Highs

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Prices Of Gasoline And Diesel Have Risen To New Highs.

Fuel prices have risen to a new all-time high at the pump in the United Kingdom, putting the squeeze on UK consumers, according to the AA.

Petrol touched a new record high of 148.02p per litre over the weekend, while diesel hit a new record high of 151.57p per litre last Thursday.

In November, wholesale and retail fuel prices reached new highs, before falling down.

The AA's Luke Bosdet said, "The cost of living crisis has been ratcheted up another another notch."

The cost of fueling a 55-litre family car is now a "eye-watering" £81.41, according to RAC fuel spokesman Simon Williams.

"With oil prices teetering on the edge of $100 a barrel and merchants eager to pass on the wholesale fuel price hike as soon as possible," he said, "new records could be established on a daily basis in the coming weeks."

Oil prices rose to $95.56 a barrel on Monday, the highest level since 2014.

If the situation in Ukraine worsens, oil and gas shipments from Russia to Europe could be disrupted, causing wholesale prices to rise even more.

Oil and gas supplies has already failed to keep up with rising demand as the global economy has improved in recent months, thanks to the relaxation of Covid restrictions.

Mr Williams of the RAC said: "On a good side, retailer margins have now returned to more normal levels of around 7p per litre, which were the reason drivers paid unnecessarily high costs in December and January."

He believes that the top four supermarkets, which control the majority of petrol sales, should "play fair" with drivers by keeping profit margins low.

Food, utility bills, and other products such as used cars have all risen dramatically in recent months.

The Petrol Shops' Association (PRA), which represents independent retailers, stated that the price of gasoline would remain "as competitive as feasible."

But, according to Gordon Balmer, PRA's executive director, tensions between Russia and Ukraine, as well as other critical factors such as congestion in the oil market and the dollar-sterling exchange rate, were expected to generate greater volatility in the oil price.

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