Categories
UK

Petrol price surge: RAC warning as motorists prepare for ‘costliest Easter on record’


The motoring organisation said that the increase in prices was driven by rising wholesale costs as a result of the war in Ukraine.

RAC spokesman Simon Williams said that the cut in fuel duty announced by Chancellor Rishi Sunak in his spring statement had yet to have any impact.

He said: “March 2022 will go down in the history books as one of the worst months ever when it comes to pump prices.

“Without question, these figures show in the starkest possible terms just how much fuel prices are contributing to the cost-of-living crisis which will be affecting households up and down the country.

“Drivers might well be feeling aggrieved that the Chancellor’s ‘historic’ fuel duty cut announced in the spring statement just two weeks ago has done nothing to protect them from price increases.

“The fact pump prices have fallen so little reflects the fact that the cost to retailers of buying fuel had been going up ahead of the spring statement.

“Sadly this Easter, traditionally the biggest getaway time of the year on the roads, is shaping up to be the costliest on record for drivers and there’s very little they can do to escape the high cost of filling up.”

Records dating back to 2000 have shown the previous biggest monthly increases in average fuel prices were October last year for petrol (7.4p per litre) and May 2008 for diesel (8.4p per litre). 

READ MORE:Boris left red-faced as VDL flies out to Kyiv

There have also been attempts to encourage Middle Eastern oil producing countries such as Saudi Arabia to increase production.

There is also speculation that the US may delve into its oil reserves in an effort to keep prices down.

Although the war in Ukraine is the primary reason for the high petrol prices it is not the only one.

Supply has been unable to keep up with demand due to the easing of coronavirus restrictions which has led to rapid increases in economic activity and travel.

Global supply chains are also struggling to rebuild after almost two years of pandemic related restrictions.



Source link

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.