Fuel Price Records Could be Broken Daily

The RAC is warning that fuel price records could be broken “on a daily basis” in the coming weeks as another surge is set to hit motorists.

A new record high was reported by the AA, with petrol reaching 148.02p a litre over the weekend, while diesel reached 151.57p a litre last week.

After previously peaking in November before coming back down of late, the prices have again rocketed with oil prices sending them up; a barrel now costs $95.56.

RAC spokesman Simon Williams highlighted the average cost of filling a 55-litre family car, with the cost now rising to £81.41.

He said: “With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks. 

“On a positive note, retailer margins – which were the reason drivers paid overly high prices in December and January – have now returned to more normal levels of around 7p a litre.”

Many factors can affect the cost of oil, with political tension one of them. The escalating situation in Ukraine – where Russia is building up troop movement on the border between the two countries - could, as a by-product, result in interruptions to oil and gas supplies, pushing up the wholesale prices across Europe.

Share this article