Drivers Are Being Punished By Record High Fuel Prices

Drivers across the country are being punished at petrol stations, with fuel prices reaching a new record high at the start of June…

Fuel Prices Reach New Record

Thanks to record high fuel prices, it now costs more than £100 to fill an average sized diesel and around £96 to fill an average petrol. Indeed, the average cost of a litre of petrol rose by 10p in May; the second-highest monthly rise on record. According to data compiled by the RAC, the average prices of a litre of petrol and diesel now sit at 174.02p and 181.35p respectively.

The jump in fuel prices in May came despite the Chancellor introducing a 5p a litre fuel duty cut. In addition, it was thought that further fuel relief would be included in the Government’s recent round of cost of living benefit announcements. Nothing, however, was included. To make matters worse, the RAC expects prices to continue to rise.

‘A Dire Situation’ 

Simon Williams, a spokesman for the RAC, commented on the soaring fuel prices. He said, “while it’s hard to imagine prices getting much worse, the wholesale price of petrol has now gone above diesel; which spells yet more bad news at the pumps in the coming weeks”.

He added, “with drivers facing such a dire situation on the forecourts we badly need further intervention from the Chancellor; as households and businesses surely can’t take much more financial pain in conjunction with the horrendous hikes in gas and electricity”.

The rising price of fuel is largely a product of Russia’s outright invasion of Ukraine. Russia is one of the world’s largest producers of oil and chaos, so volatility in its own markets creates a chain-reaction. As of now, there are no signs to the end of the conflict; with some commentators suggesting that the war could, potentially, last for years as a ‘frozen’ conflict.

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