Fuel costs more than double in the UK – up 55 percent in just five years

Petrol prices: Diesel drivers are being ‘ripped off’ says Fair Fuel UK

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The extended bank holiday saw spiralling costs push oil prices up by 6p over the weekend as Britain is plunged into a new fuel price crisis. Unleaded now costs Britons 177.88p per litre on average, while super unleaded costs 189.62p and diesel 185.01p.

New research now finds that the UK is the ninth most expensive country for fuel in Europe, with Finland paying a staggering £2.41 per litre.

But the figures from car finance experts at Carmoney also showed the cost of petrol and diesel in the UK has shot up some 55 percent since 2017.

Back then a litre of unleaded was £1.14 per litre compared to almost £1.78 today.

The UK has also seen a 30 percent increase in fuel costs over the last decade, with the AA reporting the average price of petrol in December 2012 as 136.40p per litre.

Due to the Covid pandemic, by the end of 2020, fuel prices had actually decreased slightly by 3.7 percent to just £1.14.

However, by the end of the next year in 2021, prices had risen sharply to £1.45 – an increase of 26.5 percent.

Andrew Marshall, Marketing & Partnerships Manager at Carmoney said: “While we are aware of the volatile pricing nature of the petrol costs in the UK, it’s interesting to see how other countries are faring during this period too.

“The ongoing chip shortage is a problem that is still impacting the new and used car markets, alongside the bottleneck in supply chains and conflict in Ukraine, the UK finds itself amid another petrol crisis with no end in sight.

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“We would recommend that motorists seek to find the cheapest fuel costs in their local areas, limit travel or explore carsharing and public transport options in a bid to save money on petrol and diesel expenses.”

The RAC currently estimates that the three most expensive fuels will rise in price, following a trend established early this year.

2022’s steep increase is primarily a consequence of the war in Ukraine, which has seen fewer imports from Russia, Europe’s largest gas and petrol exporter.

Any eventual movement in the market will depend on this and a mess of other factors.

But fuel prices have risen since before the Ukraine war, and as Europe and the world beyond adjusts its energy sources, experts believe that trend will continue.

Chancellor Rishi Sunak did not provide a petrol price intervention in last month’s financial package when he announced a windfall tax on oil producers.

The last fuel-centred relief introduced was in his spring statement, which cut fuel duty by 5p per litre from March.

But the 6p increase has offset much of the benefit brought by that adjustment.

Meanwhile petrol smashed through the £2 per litre barrier at a service station in Wales yesterday morning.

The record high was recorded at Carmarthenshire’s Pont Abraham services on the M4.

On Tuesday morning, the price for unleaded petrol was more expensive than diesel at 202.9p a litre compared to 201.9p.

Prices at Swansea West were also high with 202.9p for unleaded and 204.9p for diesel per litre.

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