BRITAIN Hit By The Biggest Annual Petrol Price Rise At The Pumps In Almost Ten Years
Data published by transport policy agency, the RAC Foundation, has revealed that Britain’s drivers have been hit with the biggest annual increase in petrol prices in almost ten years.
With the average price of petrol at 129p per litre, that is an increase of 22p since May 2020, with the Foundation saying this is also the biggest year-on-year rise in five years, with experts blaming the problem on the rising cost of oil, along with the lower use of vehicles on the roads, according to the Express.
The Foundation say that April also marked the sixth month in a row where the price of fuel had increased, to an average of 127p per litre, and that May will represent the seventh month of continual petrol pump price hikes, reminding that historically, the largest annual price rise previously had been when petrol went up by 18p a litre, back in February 2019.
A spokesman for the RAC breakdown company told the Telegraph that basic costs of fuel to petrol stations had actually fallen recently, but pointed out that it is unclear whether those costs actually get passed on to motorists or not, telling the publication, “We have had six months of rising prices and we will probably have a seventh. It could be coming to an end, but the smaller retailers have been squeezed”.
Simon Williams, the RAC’s fuel spokesman, last month told the Motor1 website that the coronavirus pandemic recovery was fuelling petrol price hikes, and stressed that things could be much worse were it not for the fact that oil prices are traded in US dollars, and that luckily the British Pound was strong against the US currency.
Mr Williams told Motor1, “April marks six months of rising petrol prices and sadly there’s no end in sight as oil is getting perilously close to hitting $70 a barrel – something we haven’t seen for more than two years. If oil breaks this threshold, it will inevitably spell more bad news for drivers at the pumps”.
He continued, “With lockdown restrictions easing, it’s very frustrating for drivers that they’re now having to contend with even higher fuel prices just at the point where many will be driving a lot more, but unfortunately, it’s the very fact people are driving more that’s causing petrol prices to go up as demand for oil – and in turn fuel – begins to outpace supply”.
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