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petrol: Fuel prices in Britain hit new record high

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The prices of petrol and diesel in Britain hit new record high over the weekend, according to latest data.

Petrol price hit an average of 148.02 pence ($2) per litre, while diesel costs an average of 151.57 pence per litre, both exceeding the previous records set in November 2021, Xinhua news agency quoted according to motoring organisation, the RAC as saying on Monday.

“Petrol has unfortunately hit a frightening new high of 148.02 pence, which takes filling a 55-litre family car to an eye-watering 81.41 pounds,” said RAC fuel spokesman Simon Williams.

Williams attributed the rising prices to the tensions between Russia and Ukraine, and the “oil production remaining out of kilter with demand as the world emerges from the pandemic”,

“The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases,” Luke Bosdet, fuel price spokesman from another motoring body, the AA, told Sky News on Monday.

Britain’s inflation soared to a 30-year high of 5.4 per cent in December 2021 and is expected to increase further to close to 6 per cent in February and March, before peaking at around 7.25 per cent in April, said the Bank of England earlier this month.

The RAC warned on Monday that fuel prices are likely to continue growing.

“With the oil price teetering on the brink of 100 dollars 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,” Williams noted.

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