Petrol price surges to an all-time high
Brit stuck in two-hour queue for supermarket due to petrol chaos
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Meanwhile, diesel prices motored to 146.5p a litre on Sunday, just short of the record of 147.93p. The Prime Minister’s spokesman refused to say whether Chancellor Rishi Sunak would increase fuel duty in tomorrow’s Budget, potentially adding to the burden on anyone running a car. He said: “We recognise rising fuel costs are a challenge for the public. We continue to provide support for those who need it on the cost of living.”
Asked whether fuel giants should take a hit instead of passing on rising prices, the spokesman said: “We would always want to see providers ensure they are providing good value to their customers.”
The AA’s Luke Bosdet said: “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.”
A 20-mile round trip costs around 25p for a small electric car with a cheap energy supplier. Taking a small petrol car on the same journey would cost 10 times more, said the AA using Experian Catalist data.
Switching to electric could save drivers around £800 a year, it added.
Early on in the pandemic in May last year petrol collapsed to 106.48p.
The rebound is much quicker than the two-and-a-half years it took for prices to recover after the 2008 financial crash, the AA said.
Oil prices have soared all year from around $50 per barrel in January to $85 today.
The RAC’s 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 have knock-on implications for the wider economy.”
Meanwhile, the price of ethanol, which is mixed into petrol, has soared 80 per cent since 2012, the RAC said.
The price rises come just before 300,000 people in London’s new Ultra Low Emission Zone face a daily £12.50 charge because their cars are old and emit too much carbon.
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