Petrol price in the UK has seen the biggest daily rise within 17 years; filling a family car is alarmingly going beyond £100 for the first time.
At an average price of 180.73p, a liter of petrol on Tuesday, it is up a shaking 2.23p versus on Monday.
On Wednesday, too, the rise would break the £100 barrier, which is the average price to fill a 55-liter family car.
Petrol is sold higher than £2 per liter in some forecourts consisting of a BP garage on the A1 near Sunderland, at 202.9p.
Diesel prices stand at a record high too, 186.6p on Tuesday, which is up 1.4p from a day earlier. As businesses use diesel to fill vans and trucks, the fuel’s rising prices will impact the economy.
While Covid-19 lockdown eases, there is huge demand for fuel throughout the world in countries like China and the US, which accounts for rising prices.
Refineries’ capacity has also contributed to high pump prices. This is while oil has dropped from peak levels at the beginning of the Russian invasion.
This week, the Royal Automobile Club (RAC) asked the government to create a “radical intervention” to cushion costs at the pumps.
The Automobile Association (AA), however, criticized the RAC for jumping fuel costs.
Luke Bosdet, AA’s spokesman, said “Reckless speculation is leading to rip-off prices at the pump. Yesterday’s more than 2p-a-litre leap in average UK petrol prices is a huge shock and fuels concern that speculation of a £2 liter just gives the fuel trade license to pile on extra cost and the misery.”
An RAC spokesman denied the accusations, saying that retailers determined the prices based on wholesale costs as opposed to speculation.