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21 Jun, 2022 11:54

UK fuel prices keep soaring

Prices at the pump have been climbing for over five weeks, adding to the cost-of-living crisis
UK fuel prices keep soaring

Prices for gasoline and diesel in the UK reached record highs over the past weekend, Britain’s roadside assistance company, RAC, reported on Tuesday, citing the “worrying trend of the ever-increasing cost of fuel” in the country.

The average price of gasoline set a new record of 188.7p a liter ($2.32) on Sunday, the RAC said on its website. The company added that the prices have been rising for more than five consecutive weeks, and in mid-May, a liter of unleaded gasoline cost $2.02. Diesel also climbed to another all-time high on Saturday, RAC data shows, reaching 196.1p ($2.40) a liter.

“A full tank of petrol for a 55-liter family car now costs nearly £104 ($127) while the diesel equivalent is almost £108 ($132),” RAC fuel spokesman Simon Williams said.

According to the RAC, the continuing rise in fuel costs is worsening the cost-of-living crisis, and the situation has been made even worse by this week’s railway strikes in the UK. The company noted that gasoline prices should stop climbing now that oil prices have fallen slightly. Global benchmark Brent crude is currently trading at $116 per barrel after hitting a multi-week high of over $123 two weeks ago. Diesel, however, “looks destined” to become more and more expensive, potentially resulting in a full tank costing £110 (over $135), the RAC said.

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