According to figures compiled by the RAC, petrol prices in the UK have risen for seven months in a row…
Petrol Prices on the Rise
Petrol prices have risen for seven months consecutively, new figures have revealed. Over the course of May, prices rose by 2.24p to 129.27p per litre of unleaded petrol. The price of diesel also rose by 1.95p to 131.59p. Since November, the total price of a litre of petrol has risen by 15.5p. According to the RAC, it’s also 22p a litre more expensive than it was back in May 2020. For perspective, that’s the largest 12-month increase recorded in 11 years.
Overall, it now costs £71.10 and £72.37 to fill up a 55-litre family car with petrol and diesel respectively. That’s about £8 more than it would have cost back in November. Given that many families are facing financial difficulties in the aftermath of Covid, the effects are likely to be significant for a large amount of drivers.
Prices are Rocketing
Simon Williams, a fuel spokesman for the RAC, commented on the rising prices. He said, “after a weekend which saw millions of cars take to the roads to enjoy a sunny Bank Holiday and a half-term away from home, the price of filling up with petrol has unfortunately reached its highest point in just shy of two years”. He continued, “after seven consecutive months of rising prices, drivers will be wondering if the increases are ever going to end. We’ve now witnessed the biggest petrol price rise in any 12-month period since May 2010, when unleaded rocketed from 99p a year earlier to 121p”.
Ultimately, Williams attributed the price increases to supermarkets trying to make up for lost sales. He explained, “looking at the wholesale price of both fuels, in normal circumstances unleaded definitely shouldn’t be continuing to rise with the numbers actually pointing to the potential for a 2p reduction. And diesel is currently 4p too expensive, which suggests retailers are using the saving in the wholesale price to help make up for lower fuel sales over the last year”. The RAC has urged fuel retailers not to take advantage of drivers.
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