Drivers are bound to see more rises in forecourts in the coming days.

A few days ago, it was reported that petrol at pumps across the UK cost on average 148.02p a litre.

British automotive services firm RAC has warned against more volatile fuel prices.

RAC’s fuel expert Simon Williams said: “As petrol nears another record landmark of nearly 149p a litre, and diesel hits 152p, oil has risen above the $100 (£73.4) a barrel mark for the first time in seven and a half years which can only spell more bad news for drivers at the pumps.

“The price of petrol has already gone up nearly 3.5p a litre since the end of last year, adding almost £2 to a full tank and worsening the cost of living crisis.”

In recent months, the government has come in for fierce criticism over its handling of the crisis in the energy market.

Two weeks ago, energy regulator Ofgem announced its new price cap that will add an estimated £693 to bills from April.

Mr Williams added: “Back in September 2014, however, petrol only cost 129p a litre and diesel 133p, because the exchange rate was stronger at $1.6 (£1.1) to the pound which made wholesale fuel cheaper as it’s traded in dollars.

“Now with sterling worth just $1.35 (99p) and a new requirement to blend additional costly bio content into petrol and diesel, both fuels are now far more expensive.

“And, with oil producers struggling to up supply sufficiently to meet rising demand along with ongoing uncertainty with Russia and Ukraine causing concern on the oil trading market, drivers are unfortunately in for even greater pain at the pumps in the coming weeks.”

Article source: https://www.energylivenews.com/2022/02/20/petrol-and-diesel-prices-to-hit-new-record/