Multiple factors have led to the cost of crude oil prices steadily rising

The government is being urged to take “drastic action” in an effort to “soften the blow” on hard-pressed motorists as the cost of fuel steadily creeps towards the £2-a-litre mark.

As of today, the average cost of a litre of petrol in the UK stood at 180.73p/l and 192.61 for super unleaded, while diesel commanded 186.57 p/litre. Prior to this year, 2011 was the last recorded high for petrol (£133.68 p/litre) and 2012 for diesel (£142.42 p/litre).

Regionally, Northern Ireland’s road users continue to pay less than their counterparts in England, Scotland and Wales, according to the AA. Here, 160 p/litre is the cheapest for petrol and 171.8 p/litre the lowest for diesel.

All the signs point to the cost of filling up continuing to rise, with the economic uncertainty being created by the on-going war in Ukraine one of the main contributing factors.

As prices at the pump again reach new highs, RAC fuel spokesperson Simon Williams said: “The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5 p/litre on Monday. Diesel also rose to yet another record by reaching 185.2 p/litre which takes the cost of a tank to £101.86.

“With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110.

“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season.

“All this combined with a weaker pound at $1.2 means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.

“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices,” added Williams.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get notified of the best deals on our WordPress themes.

You May Also Like

PRODUCT REVIEW: Vantrue Nexus 5

Dash cams are increasingly being used by motorists in the war against…

Double digit growth for new car sales

New car sales in Northern Ireland rose by nearly 11% last month,…

“Raw deal” for motorists continues at the pumps: RAC

Motorists continue to get a “raw deal” when it comes to filling…

UK car build numbers motoring along nicely    

Car production continued its upward trajectory in July – the third consecutive…