The average UK petrol price climbed to 142.94p/litre on Sunday. This is almost 30p more per year than the previous record. Diesel, however, is still a bit below its all-time peak.
Diesel was at 146.50p a litre Sunday, 1.43p less than its April 2012 record of 147.93p. The AA announced this today.
The RAC, a motoring group, said that while fuel price rises are mainly due in part to the rapidly rising oil prices, the introduction E10 – a more carbon-free petrol blend – has also had an effect.
Ironically, at the end of last week, wholesale diesel to be delivered to forecourts was still around 6p a litre more expensive than petrol – as it had a fortnight earlier.
Record petrol prices also arrived the weekend before 300,000 London residents within the newly extended Ultra Low Emission Zone, and tens of thousands more from outside, face a daily £12.50 charge for driving older cars that don’t comply with emissions restrictions.
Petroleum prices have risen rapidly since the recovery from pandemic lows at 106.48p in May 2020, with petrol rising quickly with short lulls at around 114p per litre in November 2020 and at 135p per litre in August.
This compares to the two-and-a half-year rebound that occurred after 2008-9’s financial crash. This went in two steps, from 86p per litre in January 2009 to 121.5p per liter in May 2010, and then above 137p by May 2011. That was an increase of 51p per litre.
Fuel duty increased from 52.35 pence to 58.95 pence a litre in January 2011 to 52.35 pence a litre. It then fell to 57.95 pence a litre in March 2011. The VAT rose to 20%.
Luke Bosdet, AA’s spokesperson on fuel prices, stated: ‘Whether it be down to oil producers or market speculators and Treasury taxes or struggling retail stores trying to balance their margins; record pump price must be telling drivers with the means that the time has come to make the switch from electric.
“There is no escape for poorer motorists who are now paying daily fees to drive in cities. It’s a return on cutting back on other consumer expenditures, such as heating or food, in order to keep the car they use to get to work.