This increase is the result of a number of factors, the effects of which are now being seen internationally.
But, how long will it last, and what is the cause of inflation? Here’s everything you need to know.
Why are petrol prices rising?
Gasoline prices are rising worldwide for a number of reasons.
One of the main reasons for the sharp rise in fuel prices is the high demand for them, as companies cut ties with Russia following the February invasion of Ukraine.
With the onset of the CoVID-19 epidemic, oil prices plummeted as the world closed, for the first time in history, in April 2020, oil prices were recorded negatively.
However, as global economies began to recover, prices rose sharply as demand increased. But suppliers who have struggled to increase backups have failed to meet demand by raising prices.
The price of a barrel of oil this week was about ً 120, up from about ً 80 in January before Vladimir Putin’s invasion of Ukraine.
How much is the fuel now?
The average cost of a fuel tank has, for the first time, exceeded £ 100 for a typical 55-liter family car.
According to data firm Experian Catalist, the average price of a liter of petrol reached 182.3p on Wednesday in the UK forklift. This was an increase of 1.6p over the previous day.
It jumped 2.2p on Monday – the biggest daily increase in 17 years.
Meanwhile, the average price of diesel was recorded at 188.1p on Wednesday.
Cabinet Minister Michael Gove warned petrol suppliers not to exploit consumers during the crisis.
Speaking to Sky News, the leveling-up minister said: “One of the things we need to do is to make sure that every forecourt, every outlet, takes advantage of this situation. Don’t make more than a profit.
“I think we need to keep an eye on that and I know that the Competition and Markets Authority and others will always keep an eye on the eagle to make sure we don’t have a situation where companies have an unfair advantage to consumers. I’m carrying. “
Did Russian invasion of Ukraine affect fuel prices?
Despite rising oil and fuel prices before the Russian invasion of Ukraine in February, the war has exacerbated the situation, with Russia being one of the world’s largest crude oil exporters, second only to Saudi Arabia. Is.
In a speech on April 1, President Biden said: “Putin’s invasion of Ukraine has pushed up gas prices and food prices around the world.”
Russia’s imports account for only 8% of Britain’s total oil demand, and the government has said it will cut Russian oil imports by the end of the year.
Despite the EU’s heavy reliance on Russian oil imports, 27 percent of which comes from the country, leaders agreed to ban most Russian imports by the end of the year, with the United States also imposing a complete ban. Announced
This has led to increased demand from other oil suppliers, which has led to higher overall prices, including from countries that did not get their oil from Russia.
In addition, at the end of March, Chancellor Rishi Sink announced a 5p reduction in fuel duty for 12 months, to give comfort to motorcycles struggling to fill their tanks.
Considering VAT, the overall savings were 6p per liter, Mr Sink said at the time, which was “the biggest reduction in all fuel duty rates so far”.
Will fuel prices be lower?
Experts hope that fuel prices will begin to rise soon, after a sharp drop in wholesale prices this week, however, they believe that the peak is still ‘some distance’.
The last time prices fell was between December 2021 and January 2022, when diesel and unleaded prices fell from 150.6p to 147.28p and 145.55p.
Commenting on the rise in pumping prices, RAC spokesman Simon Williams said: “As it stands, the average price of petrol in four major supermarkets, which dominates fuel retail, is now 173.37p. While diesel is 182.38p A liter in the supermarket is cheaper than 7p in lead.Which is significantly lower than the UK average of 4p.
On Wednesday, he added that he was confident other supermarkets would increase their prices to close the gap, adding: “These are unprecedented times in terms of the rapid cost of fork fuel. . ”
He continued: “Sadly, it seems that we are still some distance from the peak. While the average price of diesel is rising towards 2 per liter, the wholesale price of petrol on Tuesday is unexpected.” If the price stays the same in the coming days, it could stop the flow of record daily petrol prices.