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Business News

Petrol hits highest price in nearly eight years after latest monthly hike at the pumps

today03/07/2021

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Petrol is at its highest price for nearly eight years after eight consecutive months of increases at the pumps, figures from the RAC show.

The motoring organisation predicted escalating fuel bills, driven by the rising cost of oil, could speed up the switchover to electric cars.

According to RAC data, a litre of unleaded rose by 2.7p in June from 129.52p to 132.19p – its most expensive since October 2013 when it stood at 132.28p.

A motorist holds a fuel pump
Image: June saw the eighth straight monthly price rise at the pumps

At the same time diesel went up 2.5p over the month from 131.79p to 134.32p taking it to its highest price in two years.

The price hike means the cost of filling up a 55-litre family car has risen £10 since last November when a litre cost 114.12p

The June rise alone added £1.50 to a tank of unleaded with the cost rising to £72.70.

The average cost of a complete fill-up with diesel is now £73.88 – an increase of £1.40 in the month.

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The average price of unleaded at the country’s four big supermarkets now stands at 128.17p after going up 3.3p in a month.

Diesel is 130.25p after a rise of 2.91p.

This makes a tank of supermarket fuel on average £2.20 cheaper than at other forecourts.

June’s pump price rises have been driven by a 10% increase in the cost of oil which saw a barrel go up from $69.37 to $76.12 at the end of the month, leading to an increase in the wholesale cost of petrol and diesel.

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Simon Williams of the RAC said: “June proved to be a shocking month for drivers with not just the eighth straight monthly rise at the pumps, but a return to 132p a litre petrol – something we haven’t seen since October 2013.

“And if an 18p a litre hike in cost over eight months isn’t bad enough it’s hard to see the increases coming to an end as the price of oil seems to be going up and up, with $6 being added to a barrel in June alone.

“Compared a year ago oil is now $35 more expensive. What’s even more worrying is that some analysts are predicting an oil deficit by the end of the year, which could mean further relentless price rises in the coming months.

“If oil and, in turn, fuel prices continue to go up the UK’s staycation summer could end up being very expensive for millions of people.”

 Sky News

© Sky News 2021

Written by: Rother Radio News


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today03/07/2021


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