Britain, starting this week, has started witnessing several garages charging petrol more than £2 per litre. The RAC, a leading motorist organisation, has called the prices “terrifying.”
Diesel prices also hit new highs, reaching 185.2p per litre, bringing the total cost of filling a family’s car tank to a startling £101.86.
This entire rise in the prices shows the largest weekly increase for both petrol as well as diesel. All this came before the Chancellor had introduced a 5p fuel duty cut in April.
According to a RAC fuel spokesperson, Simon Williams, the cost of filling a 55-litre family car with petrol has now crossed £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5p starting this week.
The price of oil is rising owing to increased global demand for fuel as China relaxes its COVID-19 restrictions and the United States and Europe enter the peak summer driving season.
The spokesperson further added that the wholesale price of the diesel will soon reach 160p a litre, after adding it up with 7p retailer margin and 20% VAT would make the pump price to £2 mark.