UK News

UK Fuel Prices Hit Record High With Prices Set to Increase Further Amid the Ongoing War in Ukraine

UK Fuel Prices Hit Record High With Prices Set to Increase Further Amid the Ongoing War in Ukraine
UK News

UK Fuel Prices Hit Record High With Prices Set to Increase Further Amid the Ongoing War in Ukraine

UK Fuel Prices Hit Record High With Prices Set to Increase Further Amid the Ongoing War in Ukraine

UK fuel prices have soared to new record highs, with the average cost of a litre of diesel rising to £1.61, and prices expected to increase further.

Data from Experian Catalyst reported by the AA also showed unleaded at £1.55 on Sunday as the impact of Russia's invasion of Ukraine continues to be felt.

The latest average costs were revealed hours after oil prices surged further, hitting $139 for a barrel of Brent crude, after confirmation from the United States that it was considering, along with European allies, a boycott of Russian oil and gas.

While petrol prices are important for UK motorists generally, rising diesel costs are seen as a greater economic threat as the fuel is the backbone of UK industry - accounting for the vast majority of vans and most machines.

Petrol has now reached 155.62p a litre while, and diesel averaged 161.28p, the AA said.

A year ago, they averaged 124.32p and 127.25p a litre respectively.

The campaign group FairFuelUK claimed prices were up to 14p a litre higher than they needed to be - when wholesale costs and currency exchange rates were taken into account.

Its founder, Howard Cox, called on Rishi Sunak to cut fuel duty and take a series of additional actions as the Treasury benefits from the surging prices.

VAT is currently charged at a rate of 20% on petrol and diesel.

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