Follows surging oil prices
The spiralling cost of oil has led to the biggest weekly rise in pump prices for at least 18 years, according to government data.
Weekly fuel price information from Department for Business, Energy and Industrial Strategy (BEIS) shows that in the week up to Monday the average price of petrol rose from from 149.2p per litre to 153p, a jump of 3.8p.
Over the same period diesel rose from 153.4p to 158.6p, up 5.2p.
Figures from data firm Experian Catalist based on a different methodology to the one used by BEIS suggest the average cost per litre of petrol on Monday was 156.4p, while diesel was 162.3p, according to reports from the Press Association.
Oil prices have spiked due to concerns over the reliability of supplies amid the war in Ukraine.
The price per barrel of Brent crude reached 139 US dollars on Monday, its highest level in 14 years.
Steve Gooding, director of the RAC Foundation, said:
“With the tragedy in Ukraine showing no signs of abating it looks like we all need to brace for forecourt prices to continue upward, not least because they tend to lag oil price movements by a week or two.
“With inflation hitting household budgets on all sides the fact that transport is routinely the single biggest area of household expenditure, according to Government statistics, will make forecourt price hikes particularly hard because for most households those transport costs are associated with running a car.
“Whilst higher pump prices may make more people consider switching to electric cars that’s not a realistic overnight fix. In the short term the best most of us can do is look for ways to drive less, perhaps by sharing trips, perhaps by building on two years of covid restrictions to work from home, and when we do drive to go easy on the throttle.”
ENDS
Contact:
Philip Gomm – Head of External Communications – RAC Foundation
07711 776448 | [email protected]
Notes to Editors:
The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users.
The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist. All the Foundation’s work is available at:www.racfoundation.org