UK petrol prices have hit a record high.
Having dropped below £1 per litre as recently as lockdown, it seems staggering that they have now hiked to £1.39 – but this is the case.
The petrol crisis emerged after news circulated that there was a shortage of HGV drivers in the country. This led to many Brits panic-buying petrol in fear the supply would run dry, which ended up leading to the same result.
This high demand for fuel led to a sharp increase in price that, according to 1st Call Windscreens, is the most expensive it has been within the last two decades – and it’s only continuing to rise.
The last time petrol prices dropped below £1 before the COVID-19 pandemic was in 2016, when George Osborne abandoned higher fuel duty tariffs, leading to a drop in price.
Between 2000 and 2010 the price of petrol stayed below £1, although the last time volatility of this level happened on the market was during the Iraq War and then the financial crisis in 2008.
Motorists were urged during the crisis to only buy the petrol they needed to stabilise supply but this now seems to be the message to stabilise the price.
RAC fuel spokesman said: “At a time when households and businesses are facing spiralling prices in other areas this is a huge concern.
“With just two weeks to go until COP26, the uncomfortable truth for the government is that petrol prices are now reaching unprecedented levels and along with rising domestic energy prices, will be putting a huge financial strain on households that depend on their vehicles and, in turn, the economy.”