Fuel Prices Hit New Record High In UK

Fuel prices have hit a new record high in the UK, with petrol now averaging at £1.67 a litre and diesel £1.79 a litre.

While living costs were already soaring in the wake of the Covid-19 pandemic, the ongoing conflict amid Russia’s invasion of Ukraine has seen gas and fuel prices rising further. 

According to figures from data firm Experian Catalist, the average litre of fuel in the UK on Sunday (20 March) had jumped to 167p for petrol and 179p for diesel, marking an 18p and 26p increase respectively. 

Luke Bosdet from the AA said: "Pre-pandemic, the retailers would sit on lower-cost savings and wait for either Asda or Morrison to announce price cuts, and then start to bring their prices down.

"Now that that competitive thrust has largely gone, drivers and businesses in desperate need of the financial relief from lower pump prices must struggle on.

"If this price behaviour at the pump continues, the government needs to implement Northern Ireland's fuel price transparency to show drivers what savings are possible."

Meanwhile, a spokesperson for lobbying group FairFuelUK spoke to Sky News about fuel retailers failing to reduce prices. 

They said: "By taking advantage of Putin's invasion, those faceless fuel supply chain businesses are keeping pump prices at their record highs, despite the crash in oil prices.

“How can that be honest or fair?"

The Petrol Retailers' Association, which represents independent petrol retailers, continues to urge the Chancellor to cut fuel duty amid rising costs. 

Gordon Balmer, Executive Director of the PRA, previously commented: “It is crucial that the Government takes steps to reduce the burden of energy prices on consumers.

“Government inaction is now impacting our members in NI, who are unable to match the prices of their counterparts across the border. 

“We strongly urge the Chancellor to follow the example of other European countries and cut fuel duty.”

With rising tensions caused by the ongoing conflict in Ukraine, MPs were told last Monday (14 March) that fuel prices could soar even higher in the coming weeks. 

Dr Amrita Sen, a founding partner and the chief oil analyst at the research consultancy Energy Aspects, said: “If you do it on the basis of crude oil, we’re saying it could easily go up by 50%. 

“Assuming no tax changes implemented by the government, [petrol] could end up being £2.40 per litre.”