UK petrol prices hit all-time high of 142.94 a litre

UK petrol prices hit all-time high of 142.94 a litre

Petrol prices have hit an all-time high of £142.94p a litre in the UK after rising by almost 30p in one year.

The average UK price of petrol soared to 142.94p a litre on Sunday October 24, beating the former record set in April 2012 by 0.46p, according to the AA.

Diesel reached 146.5p a litre on the same day, short of its all-time high of 147.93p.

The RAC branded it a “truly dark day for drivers”, saying fuel price rises were mainly due to the rapidly increasing cost of oil, which has surged from $40 a barrel a year ago to $85 now. It says the introduction of E10, a new petrol blend containing less carbon, has also impacted the price of petrol.

Petrol prices saw mid pandemic lows of 106.48p in May 2020, but have bounced back in the months since.

‘Dark day’

RAC fuel spokesman Simon Williams said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.

“The big question now is, ‘where will it stop and what price will petrol hit?’

“If oil gets to 100 dollars a barrel, we could very easily see the average price climb to 150p a litre.

“Even though many people aren’t driving as much as they have in the past due to the pandemic, drivers tell us they are just as reliant on their cars, and many simply don’t have a choice but to drive. Those on lower incomes who have to drive to work will seriously struggle to find the extra money for the petrol they so badly need.

“We urge the Government to help ease the burden at the pumps by temporarily reducing VAT, and for the biggest retailers to bring the amount they make on every litre of petrol back down to the level it was prior to the pandemic.”

Record pump prices

AA fuel price spokesman Luke Bosdet said: ‘Whether it’s down to oil producers, market speculators, Treasury taxes or struggling retailers trying to balance their margins, record pump prices must be saying to drivers with the means that it is time to make the switch to electric.

“As for poorer motorists, many of them now facing daily charges to drive in cities, there is no escape. It’s a return to cutting back on other consumer spending, perhaps even heating or food, to keep the car that gets them to work on the road.”

Small business owners say the price rises are pushing them to the brink.

Drew Robinson, founder of JToB Apothecary said: “As a small business with tight margins, every cost hike , wherever it is, has a significant impact.

“As I sell at farmers’ markets, which I have to drive to, I’m seeing my income dwindle away and I’m powerless to do anything about it. These petrol price increases are taking my business to the brink.”