Petrol and diesel prices reach new high

Motorists in the UK are paying record prices at the pumps for both petrol and diesel, new figures show.

Motoring organisation the AA has revealed that over the weekend average petrol prices reached 148.02p a litre, surpassing 148p for the first time.

Diesel hit a new record high of 151.57p a litre on Thursday.

These prices exceed the previous record prices, seen in November last year, of 147.72p for petrol and 151.10p for diesel.

“The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases,” said Luke Bosdet, the AA’s fuel price spokesman.

Forecourt fuel prices are driven largely by the wholesale price of energy, which has shot up due to tensions between Russia and Ukraine.

On Monday oil prices rose to $95.56 a barrel, the highest level since 2014, according to BBC News.

RAC fuel spokesman Simon Williams said the average cost of filling a 55-litre family car is now an “eye-watering” £81.41.

“With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks,” Williams added.

Noting that retailer margins have dropped to around 7p a litre, Williams urged the UK’s big four supermarkets, which dominate fuel sales, to “play fair” with drivers by keeping their profit margins low.