Money
Price of fuel hits record high in UK
The price of fuel has hit a new record high across the UK, tightening the squeeze on UK consumers
Over the weekend petrol prices reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre late last week.
The cost of fuel hit a record back in November, before wholesale and retail prices fell back.
“The cost of living crisis has been ratcheted up yet another notch,”
said Luke Bosdet of the AA.
The RAC’s fuel spokesman Simon Williams stated that the price of filling a 55-litre family car was now an “eye-watering” £81.41 – something that will deeply hit the weekly budgets of Brit’s.
What drives the increase in fuel prices?
The cost of fuel at the bowser are driven largely by the wholesale price of energy which has shot up due to tensions over whether Russia will invade Ukraine.
As of Monday, oil prices hit their highest level since 2014, reaching $95.56 a barrel.
If the situation in Ukraine deteriorates, oil and gas supplies from Russia to some parts of the world may be interrupted, pushing up wholesale prices further.
-
Shows5 days agoSimplifying complex cyber security
-
Shows3 days ago
The Dragon’s Tale
-
News5 days ago
Apple responds to crushing iPad Pro criticism
-
News3 days ago
Does American media have TikTok bias?
-
News2 days ago
U.S. home prices surge 47%
-
Tech5 days ago
One year later, how is Xbox’s acquisition of Activision paying off?
-
News2 days ago
Portal between countries shut down after international flashing
-
News4 days ago
European elections loom: the rise of the far-right
