Petrol and diesel prices reach new record high

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Chippy_Tea

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I feel sorry for those on low pay who have no choice but to travel to work by car (this was me a few years ago) this must be putting a huge strain on their finances.



Fuel prices have hit a new record high at the pump across the UK, tightening the squeeze on UK consumers, the motoring organisation the AA has said.
Over the weekend petrol reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre last Thursday.
Fuel previously hit a record in November, before wholesale and retail prices fell back.
"The cost of living crisis has been ratcheted up yet another notch," said Luke Bosdet of the AA.
The RAC's fuel spokesman Simon Williams said the price of filling a 55-litre family car was now an "eye-watering" £81.41.

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"With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks," he said.
Fuel prices at the pump are driven largely by the wholesale price of energy which has shot up due to tensions over whether Russia will invade Ukraine.
On Monday, oil prices hit their highest level since 2014, reaching $95.56 a barrel.
If the situation in Ukraine deteriorates, oil and gas supplies from Russia to Europe may be interrupted, pushing up wholesale prices further.
The supply of oil and gas has already struggled to keep up with growing demand as the global economy picked up in recent months as Covid restrictions eased.
The RAC's Mr Williams said: "On a positive note, retailer margins - which were the reason drivers paid overly high prices in December and January - have now returned to more normal levels of around 7p a litre."
He said the big four supermarkets, which dominate fuel sales, should "play fair" with drivers by keeping their profit margins low.
Day-to-day prices for food, household bills and other items such as used cars, have risen sharply in recent months, in part due to rising energy prices.
The Petrol Retailers' Association (PRA), which represents independent retailers, said it would continue to ensure that the price of fuel was "as competitive as possible".
But tensions between Russia and Ukraine, as well as other key factors such as tightness in the oil market and the dollar-sterling exchange rate, were likely to cause further volatility in the oil price, said Gordon Balmer, PRA's executive director.
Inflation
UK inflation is now at a 30-year high of 5.4%. New inflation figures for January will be released by the Office for National Statistics on Wednesday.
Mr Bosdet said the AA had surveyed 15,000 of its members after prices spiked at the end of last year and found higher fuel prices were leading 43% of them to cut back on the amount they used their car as well as other areas of spending.
Mike Johnson at the energy consultancy Portland Analytics said what happens to energy prices next depended both on the situation in Ukraine and whether the Organisation of Petrol Exporting Countries (Opec) was able to boost supply.
"Opec and its allies have struggled to increase production in line with their output targets due to a combination of production outages and technical issues, whilst demand continues to rise," he said.
While oil producing nations had agreed to increase production by 400,000 barrels per day in February Mr Johnson said it seemed unlikely that target would be met.

 

crowcrow

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£1.55 for diesel over my way, full tank was £85 - ouch. Cannot wait to get an electric car, but since we only do about a tank of fuel a month (and I generally buy older/cheaper cars) will be a while before they work out as economical for me. I'm lucky my office is doing a pre tax deal to lease a car, but I drive in very rural roads and often have to rag the car into hedges and over the verge to let tractors pass, so the cost of the repairs when I hand the car back might not be worth it for me.
 

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£1.55 for diesel over my way, full tank was £85 - ouch. Cannot wait to get an electric car, but since we only do about a tank of fuel a month (and I generally buy older/cheaper cars) will be a while before they work out as economical for me. I'm lucky my office is doing a pre tax deal to lease a car, but I drive in very rural roads and often have to rag the car into hedges and over the verge to let tractors pass, so the cost of the repairs when I hand the car back might not be worth it for me.
I've had a Nissan leaf for three years and enjoyed cheap motoring, no longer the case now. Home charging is still reasonable at almost 27p per kW but charging at Instavolt is 44p per kW, I hear this is soon going up to 50p.
On average I get about 4 miles per kW so not a lot different to the cost of running a similar size petrol or diesel car. With the imminent electricity price increase in april things aren't looking so good.
I still love driving the EV, maintenance costs are low and for the time being no road tax, this will obviously change.
 

crowcrow

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True true - will we see cheap electricity again, who knows!

My mate has a £6k solar roof and so he's getting the electric car deal from work as they already have their meter going backwards in the daytime about 2/3 of the year, so may as well charge the car.

Ho hum, feels like life will get pricey for a while to come, thank god I sticked up on homebrew equipment and supplies while the going was good :p
 
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Well ours (petrol prices) have been dropping back $2.20 last week down to $1.60 today. I fill up when I get down to half a tank, keeps me psychologically happy believing prices haven't changed.
 
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Well ours (petrol prices) have been dropping back $2.20 last week down to $1.60 today. I fill up when I get down to half a tank, keeps me psychologically happy believing prices haven't changed.
yep it does seem better. of course they used to be around £1.20 at the beginning of 2021 so £1.75 down from £1.89 is just less cr*p than it has been recently.
 
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yep it does seem better. of course they used to be around £1.20 at the beginning of 2021 so £1.75 down from £1.89 is just less cr*p than it has been recently.
Each time I have been to the UK petrol prices have been pretty much the same as here, only in numerical figures if petrol in the UK was 85P it would be around the same in Aussie cents $0.85.
When I worked on the gas fields in Oz the operators of trucks that went out doing the seismographs would say, 'only found oil so left it' I do now wonder how much oil is out there in the desert. Or was they just pulling my leg?
 
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