Gasoline prices hit two-year high and are set to rise further

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Petrol prices hit their highest point in two years and are set to rise further by an average liter now costing £1.29 as traffic returns to pre-pandemic levels

  • A liter of petrol now costs an average of £1.29 at UK petrol stations, figures show
  • It hasn’t been this expensive since June 2019, data from RAC Foundation shows
  • Experts say the price hike is being led by an increase in oil demand due to travel

Petrol prices have reached a two-year high and could rise further, motorists warn today.

A liter of petrol now costs an average of £1.29 at UK petrol stations, according to government figures.

It hasn’t been this expensive since June 2019, according to data from the RAC Foundation.

Meanwhile, diesel costs an average of £1.32 per litre, a level not seen since January 2020.

Petrol prices have reached a two-year high and could rise further, motorists warn today. Pictured: library image shows a person refueling a car with petrol

Steve Gooding, director of the automotive research charity, the RAC Foundation, said the price hike is driven by a surge in demand for oil due to an increase in travel after Covid.

He said: ‘The prices of petrol and diesel pumps have now risen every week since mid-November, almost seven months in total.

“The increase is driven by demand for oil, with Brent crude now above $70 a barrel compared to about $20 a barrel just over a year ago.

This in itself reflects the increase in weekday car travel in the UK, now back to where it was pre-pandemic.

A liter of petrol now costs an average of £1.29 at UK petrol stations, according to government figures.  It hasn't been this expensive since June 2019, data from the RAC Foundation shows

A liter of petrol now costs an average of £1.29 at UK petrol stations, according to government figures. It hasn’t been this expensive since June 2019, data from the RAC Foundation shows

“It appears that people looking forward to heading out in good weather, eagerly anticipating the end of the remaining Covid restrictions, will have to dig deeper and deeper into their pockets to fill the family car if, as seems likely, the cost of gas station fuel continues to rise.’

Average fuel costs were just £1.05 per liter of petrol and £1.12 per liter of diesel in May 2020, when the global shutdown caused by the coronavirus pandemic led to a collapse in the value of oil.

Since then, the cost of refueling a typical 55-litre car has increased by around £13 for petrol and £11 for diesel.

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