Petrol prices hit ‘frightening’ new record high of 177.9p a litre, figures show | Business News
The average gas price has hit a “scary” new record high of 177.9pa litres, the figures show, another increase from the last record price set just days ago.
Fuel prices have hit a new high every few days in recent weekswhen supply runs out at a time when demand begins to rapidly increase.
According to the RAC, the average cost to fill up a 55-litre family car with unleaded petrol is now close to £98, with prices still likely to rise.
A barrel of diesel costs almost £102.
RAC spokesman Simon Williams said: “Record fuel prices have not stopped rising over the bank holiday with average gas prices up nearly 4 per cent a liter since the end of May.”
The cost of lead-free, he said, is at “frightening” levels right now, with a lot of bad news afoot.
“With oil above $120 a barrel and the pound remaining at $1.20, worse is going to happen,” Mr. Williams said.
“Sadly, we expect average petrol prices to cross the 180p mark this week with diesel moving further towards 190p.”
The increase in gasoline and diesel prices was partly due to the escalation in oil prices.
It comes after EU leaders agreed to cut oil imports from Russia by 90% by the end of the year, imposing the bloc’s harshest sanctions on Moscow since the invasion of neighboring Ukraine. in March.
But prices at the pump are also being driven by shortages of gasoline and diesel, refined crudes.
Demand spiked after the global easing of coronavirus restrictions and reduced refining capacity, created shortages that drove costs up.
“More radical government intervention is needed, whether it’s in the form of additional fuel tax cuts or VAT cuts,” Mr Williams said.
“As such, drivers will certainly not be able to cope unless something helps. This is quickly becoming a national crisis for the country’s 32 million car drivers as well as countless others. business number.”