UK Fuel Prices Rise to Fresh Records, With Rally Set to Continue -Bloomberg

TELFORD, UNITED KINGDOM – MARCH 31: Prices of petrol and diesel are displayed outside a BP service station on March 31, 2022 in Telford, United Kingdom. Energy and fuel bills are rising in the UK due to a combination of factors. Russia’s war on Ukraine has increased global oil prices which affects increases at the fuel pump but energy bills are going up because the energy price cap – the maximum price suppliers in England, Wales and Scotland can charge households – is being raised. ( Christopher Furlong/Getty Images)

Laura Hurst, Bloomberg News

LONDON
EnergiesNet.com 06 07 2022

Gasoline and diesel prices in the UK continued their ascent over the holiday weekend, reaching record-highs yet again.

The average price of gasoline rose to 177.88 pence ($2.23) a liter on Sunday, pushing the cost of filling a family car to £98, according to the RAC motoring organization. Diesel prices increased to 185.01 pence a liter.

“With oil above $120 a barrel and sterling still at $1.20, worse is still to come,” RAC fuel spokesman Simon Williams said in a statement. “We expect to see the average price of petrol break through the 180-pence mark this week, with diesel moving further towards 190 pence.”

The soaring price of road fuels compounds a cost-of-living crisis for British households, which are grappling with surging energy bills and the highest inflation in four decades. UK diesel prices have also been driven higher by the country’s decision to ban shipments of the fuel from Russia.

bloomberg.com 06 06 2022

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