The price of petrol has risen to over £1.70 per litre for the first time ever
Industry experts have called it "another unfortunate landmark" in the rising cost of living crisis.
The price of petrol has hit a new UK record-high after rising to over £1.70 per litre for the first time ever.
As the rising cost of living crisis continues to make its impact felt across the country, data firm Experian Catalist has confirmed today that the average price of a litre of petrol at UK forecourts has now risen to 170.4p, while diesel is now at 181.4p a litre on average.
A year ago today, petrol was 129.0p a litre and diesel at 131.3p a litre.
It’s the latest price hike in the fuel industry after petrol has become around 41p per litre more expensive over the past 12 months, and has added around £23 to the cost of filling a typical 55-litre family car.
RAC fuel spokesman Simon Williams said the price of petrol has reached “another unfortunate landmark”.
He explained: “While wholesale prices may have peaked for the time being last week, they are still worryingly high which means there’s no respite from the record-high pump prices which are so relentlessly contributing to the cost-of-living crisis.
“We badly need the government to take more action to ease the burden on drivers, which we hope will feature in its announcement expected this week.
“VAT at 20% on fuel is currently benefitting the Treasury to the tune of around 30p a litre which seems very unfair when you consider it’s a tax on a tax as fuel duty – despite being cut to 53p a litre at the end of March – is charged at the wholesale level.”
AA fuel price spokesman, Luke Bosdet, also said petrol has passed “yet another milestone of misery along the road of record pump prices”.
He said there is “still quite some variation in pump prices among fuel stations in most areas”, and added that it’s “particularly galling” when supermarkets of the same brand charge “significantly more” at one location, compared with another in the same region.
Featured Image – Engin Akyurt (via Unsplash)