Whether it be in imperial gallons or metric litres, the price of fuel has never been higher in the UK with the RAC warning today that fuel prices will hit £2 a litre by the summer.
Fast forward two years and the cost of a litre of unleaded at the same filling station today (Tuesday) is 178.9p with a litre of diesel costing 186.9p.
There are warnings today that the price is set to rise even further in the coming weeks.
RAC fuel spokesperson Simon Williams said earlier today: “The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5p on Monday. “Diesel also rose to yet another record by reaching 185.2p which takes the cost of a tank to £101.86.
“With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110.
“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season. All this combined with a weaker pound at $1.2 means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.
“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”
Ceredigion MP called for rural Wales to be included in the rural fuel duty relief scheme, implemented by the UK Government
The scheme sees duty cut on fuel sold in areas with little to no public transport.
Mr Lake raised the issue with the Prime Minister last month.