Home Business NewsBusinessAutomotive News Fuel prices reach record high as ‘tension between Russia and Ukraine is still weighing heavy on the oil price’

Fuel prices reach record high as ‘tension between Russia and Ukraine is still weighing heavy on the oil price’

by LLB Finance Reporter
21st Feb 22 1:24 pm

According to the latest figure by the RAC the average price of petrol and diesel hit record highs at UK forecourts as it was up by 149 on Sunday and by 153p respectively.

The cost to drivers filling up a standard 55-litre family diesel car is now £84 and £82 for a petrol car.

RAC fuel spokesman Simon Williams described the prices as “another unfortunate landmark” which is “hurting households.”

He said, “The unrelenting rising price of fuel is hurting households up and down the country, furthering the cost-of-living crisis.

“Businesses are also suffering with diesel reaching new heights.”

Williams added, “While the price of oil is still close to 100 US dollars a barrel wholesale fuel prices don’t merit further retailer rises across the board at the pumps.

“We realise that smaller retailers who don’t buy fuel as frequently will be hit by higher wholesale costs, but the biggest retailers who buy all the time shouldn’t currently be increasing their forecourt prices.

“We urge them to play fair with drivers at this difficult time.

“Tension between Russia and Ukraine is still weighing heavy on the oil price but there is now a glimmer of hope that more oil may come on to the market from Iran due to a possible nuclear agreement with the US to end sanctions.”

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