Home Business NewsBusiness Petrol and diesel prices hit record high

Petrol and diesel prices hit record high

by LLB Reporter
14th Feb 22 11:54 am

Petrol and diesel prices in the UK have hit record highs, adding to the cost of living squeeze on families and the inflationary pressures hitting businesses.

The average price of a litre of petrol topped 148p for the first time ever on Sunday, at 148.02p.

That lifts the petrol price over the previous high, set in late November. It means filling up a 55-litre family car from empty would cost £81.41, points out motoring body RAC.

Diesel has also reached a new all-time high at 151.57p, having risen above its previous record last week.

RAC fuel spokesman Simon Williams told the Guardian: “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.

“The oil price is rising due to tensions between Russia – the world’s third biggest oil producer – and Ukraine, along with oil production remaining out of kilter with demand as the world emerges from the pandemic. As a result drivers in the UK could be in for an even worse ride as pump prices look certain to go up even more.”

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