Fuel prices hit record highs again over the weekend

Fuel prices hit record highs again over the weekend
This past weekend (18-19th June), saw petrol and diesel prices reach record highs – as the worrying trend of the ever increasing cost of fuel continues.

Ever since the Russian invasion of Ukraine at the end of February, prices of diesel and petrol in the UK have continually grown, adding to the current cost of living crisis, which has seen bills and the cost for everyday items increase.

RAC fuel spokesman Simon Williams said: “The average price of petrol went up yet again on Sunday to a new record of 188.7p a litre. More than five weeks of successive record prices has caused a litre of unleaded to rocket 23p from 165.5p in mid-May.

“Diesel also climbed to another all-time high on Saturday with a litre reaching 196.1p. A full tank of petrol for a 55-litre family car now costs nearly £104 (£103.79) while the diesel equivalent is almost £108 (£107.83).”

The table below shows the increase in the cost of fuel in the UK over the last week.

DatePetrolDiesel
12th June185.04190.92
13th June185.44191.21
14th June186.59192.48
15th June187.01193.30
16th June187.51194.17
17th June188.15195.33
18th June188.50196.10
19th June188.70196.06

However, despite the bad news of the weekend’s price rises, there could further trouble for drivers across the UK.

Williams continued: “This is yet more bad news for drivers, particularly with this week’s rail strikes leaving many people with no choice but to use their cars. But looking at the wholesale cost of petrol, which has settled due the oil price falling, petrol pump prices really should not continue to rise, if anything they ought to begin reducing. Sadly though, diesel looks destined to head rapidly towards an average of £2 a litre which would make a full tank £110.

“We strongly hope the extent of the rises seen in both fuels will finally force the Government to take action to ease the burden on drivers by further cutting duty or lessening the punishing impact of VAT which currently accounts for 31p a litre on petrol – 6p more than it was before the Ukraine war began.”

Currently, the Competition and Markets Authority (CMA) are conducting an ‘urgent review’ of the fuel market over whether the 5p fuel duty cut is being passed onto drivers.

This was after the Business Secretary Kwasi Kwarteng urged the UK’s competition watchdog to look into the crisis. A report is expected in the coming weeks.

However, in the meantime, many drivers are considering switching to an electric vehicle (EV) in order to avoid the rising price of fuel.

A survey commissioned by The Motor Ombudsman has revealed that 48% of UK car owners are concerned about owning a fuel powered vehicle due to record petrol and diesel prices – leading them to making the shift to owning a battery powered car as their next vehicle purchase.

And with thousands debating their next choice of vehicle – could this shift spell the end for diesel vehicles and having to pay to fill up a tank?

Conducted by What Car?, a survey of 1,000 UK motorists revealed that only 5% of people looking at purchasing a new vehicle would choose diesel – largely down to ongoing fuel crisis and negative news following the industry.

Considering everything that is going on in the motoring sector in recent months, what do you think the future holds for the fuel crisis? And what can the government do to help tackle the issue? Leave a comment below.

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