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.