Tuesday, May 24, 2022
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Petrol prices soar: RAC warns penny pinching Brits hit by record-high prices at the pump


Petrol prices hit a record-breaking 166.62 pence per litre on March 22, according to RAC. The automotive service company also highlighted how diesel reached 178.7 pence per litre on the same day.

A longer-term weekly petrol and diesel price graph, which tracks back costs since 2003, highlighted how the average price per litre for both forms of fuel has continued to increase since around June 2020.

In the summer of 2020, petrol cost just 106.69 pence per litre at a time when diesel could be bought for 111.86 pence per litre.

However, the data from RAC comes just as Brits look set to see inflation exceed seven percent.

In an attempt to alleviate the pressures of inflation, the Bank of England moved to hike interest rates from 0.25 percent to 0.5 percent.

There has been speculation a further interest rate increase to 0.75 percent could be on the cards later this year.

However, despite the calculations made by RAC, figures from data firm Experian Catalist suggest the average cost of a litre of petrol at UK forecourts on Monday was 166.6p, down from 167.0p the day before.

The price of a litre of diesel fell from an average of 179.0p to 178.7p over the same period.

RAC fuel spokesman Simon Williams said on Monday: “Monday marked the first day this month where average fuel prices didn’t reach new record heights.

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According to the data collated by the Government, the average cost of petrol has swelled by more than 55 percent in the last two years, with a comparable increase for diesel.

The average tank of fuel now costs almost £90, up by about £33 compared with May 2020.

Fuel duty is currently imposed at 57.95p per litre for petrol and diesel, with VAT at 20 percent charged on top of both the duty and the product price.

Chancellor Rishi Sunak has come under pressure to cut fuel duty to help drivers with prices which have continued to soar since Russia launched its invasion into Ukraine.



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