HomeBusinessMoneyFuel prices hit new record

Fuel prices hit new record

Average fuel prices have reached the highest level on record following Russia’s invasion of Ukraine, figures show.

The Department for Business, Energy and Industrial Strategy said the average price of a litre of petrol at UK forecourts on Monday was 149.22p.

That is up from 147.77p a week earlier.

(PA Graphics)

(PA Graphics)

A litre of diesel rose from 151.95p to 153.36p over the same period.

Oil prices have calmed after reaching an eight-year high last week due to concerns over the reliability of supplies after Russian troops entered Ukraine.

This affected wholesale prices paid by fuel retailers.

Separate figures from data firm Experian Catalist show average fuel prices were 151.16p per litre for petrol on Monday, down from 151.25p on Sunday.

Diesel rose from 154.72p to 154.75p.

RAC fuel spokesman Simon Williams said: “A rise of 1.5p in the average cost of a litre of petrol over the space of just seven days serves to highlight what a torrid time drivers are having at the pumps at the moment.

“This is on top of the 2p increase they had already suffered during the first three weeks of February.

“Drivers will be wondering if prices will ever stop rising, but the conflict in Ukraine is only likely to make matters worse.

“Diesel hitting a new all-time will also put yet more pressure on businesses who depend on the fuel and will likely lead to higher prices for consumers as they inevitably pass on their increasing costs.”

One motorist was shocked to pay 185.9p per litre when he filled up with super unleaded at Toddington Services on Monday.

Stuart Gallagher, editor of Evo, a magazine dedicated to performance cars, told the PA news agency: “It was a motorway service station, which you always expect to pay a premium at.

“But there’s a premium and then there’s what they’re charging, which, at the moment, is just… I mean, I’ve never seen it that high before.

“I didn’t think I’d ever see it that high. That’s just crazy.”

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