Petrol Prices Hit Record High In UK

Monday, 25 October 2021 11:01

Petrol prices have hit a record high across the UK in what the RAC has described as a "truly dark day for drivers".

The average daily price per litre hit 142.94p yesterday (Sunday) in data reported on Monday morning by RAC/Experian Catalist, which is separate from the weekly average record price reported by Government.

The previous record was 142.48p in April 2012.

Diesel reached 146.50p a litre on Sunday - still 1.43p short of its April 2012 all-time high of 147.93p.

The price of unleaded has rocketed by 28p a litre from 114.5p in October 2020, adding £15 to the cost of filling up a 55-litre family car, according to RAC Fuel Watch.

It comes as oil prices worldwide continue to climb, with the benchmark Brent crude increasing 56 cents, or 0.7%, to $86.09 a barrel, following on from last Friday's 1.1% gain.

RAC fuel spokesman, Simon Williams, said:

"This is truly a dark day for drivers, and one which we hoped we wouldn't see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.

"The big question now is: where will it stop and what price will petrol hit? If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre.

"Even though many people aren't driving quite as much as they have in the past due to the pandemic, drivers tell us they are more reliant on their cars now than they have been in years, and many simply don't have a choice but to drive.

"There's a risk those on lower incomes who have to drive to work will seriously struggle to find the extra money for the petrol they so badly need.

"We urge the government to help ease the burden at the pumps by temporarily reducing VAT, and for the biggest retailers to bring the amount they make on every litre of petrol back down to the level it was prior to the pandemic."

The situation for petrol is unlikely to improve soon, with analysts forecasting Brent crude prices to remain high for the rest of the year.

Elsewhere, India and France are also among the countries to have seen record highs in recent days, although - like in the UK - their petrol prices are inflated by massive fuel taxes.

In the UK, tax accounts for 57% of the average retail price for a litre of petrol, according to the RAC.

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Petrol Prices Hit Record High In UK

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