UK fuel prices hit new high – RT Business News

UK fuel prices hit new high

UK fuel prices have risen to new highs, according to data tracked by roadside assistance company RAC.

The average price of diesel jumped to a record 190.92 pence per litre, while petrol hit 185.04 pence.
RAC calculations show that filling a 55-litre station wagon with diesel now costs £105.01 ($128.14), while a full tank of petrol costs £101.77 ($124.19).

“The speed and scale of the increase is staggering… Unbelievably, the government is now collecting around £46 ($56) in taxes on every full tank.RAC fuel spokesman Simon Williams said in a statement, quoted by Bloomberg.

The rise in fuel prices is due to the soaring global cost of oil, as well as UK plans to reduce its dependence on Russia, one of the world’s biggest oil exporters.

The UK is far from alone in suffering from rising fuel costs, with the US and EU also battling soaring prices at petrol stations since Russia launched a military operation in Ukraine late last week. February. A series of sanctions on Russian energy have also added to supply concerns.

UK car groups have called on the government to take more decisive action to help drivers cope with rising prices. The government already cut fuel duty by 5 pence a liter in March, but motorists felt the cut was insufficient. The RAC said a new cut to the fuel tax is overdue, but it would still be “very welcome.”

On Monday, the UK Competition and Markets Authority (CMA) said it would conduct a “brief and focused review” from the fuel market, following business secretary Kwasi Kwarteng’s demand for the watchdog to determine whether the 5p tax cut is being passed on to drivers quickly enough.

Melissa Galbraith
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