UK petrol and diesel prices hit record highs amid claims of profiteering
Fuel prices on forecourts hit a fresh record high on Monday, piling further pressure on motorists and businesses and adding to the soaring inflation at the heart of the UK’s cost of living crisis.
Petrol reached 149.12p a litre, meaning it would cost £81.95 to fill a 55-litre family car, while diesel also reached a record at 152.6p, making a similar-sized full tank nearly £84.
The motorists’ organisation RAC blamed the rise on profiteering by petrol retailers and stubbornly high oil prices caused by tension between Russia and Ukraine.
“The relentless rising price of fuel is hurting households up and down the country, furthering the cost of living crisis,” said the RAC fuel spokesperson, Simon Williams.
The threat of an invasion of Ukraine by Russia – one of the world’s largest oil producers – has helped drive a rally in the price of the fossil fuel, which was already recovering ground lost to the coronavirus pandemic.
A barrel of Brent crude was up 0.6% to $94 (£69) on Monday, helping push fuel prices beyond the record set a week ago.
However, the RAC accused big forecourt operators of needlessly inflating prices for motorists.
“While the price of oil is still close to $100 a barrel, wholesale fuel prices don’t merit further retailer rises across the board at the pumps,” said Williams.
“We realise that smaller retailers who don’t buy fuel as frequently will be hit by higher wholesale costs, but the biggest retailers who buy all the time shouldn’t currently be increasing their forecourt prices. We urge them to play fair with drivers at this difficult time.
“Tension between Russia and Ukraine is still weighing heavy on the oil price but there is now a glimmer of hope that more oil may come on to the market from Iran due to a
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