Pump prices for petrol and diesel are near a record high

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According to new data, motorists are paying almost record-high prices for petrol.

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The average price of a liter of petrol is 140.22p.

RAC said this is two paise less than the average record high of 142 paise per liter in April 2012.

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It said that drivers are paying an average of 22 per cent more to fill their petrol tanks as compared to last year.

Diesel prices – currently averaging 143.42p per liter – have risen by just 4p from their April 2012 record-high.

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According to the BBC, AA spokesman Luc Bossadet said it would likely be the diesel that would break its record price first.

He added: “While we don’t see a slight reversal in wholesale prices, we can expect an increase of 3-5p per liter in the next few weeks and this will put diesel above the 2012 high.”

The hike in prices is due to panic at petrol stations, when a small number of forecourts reported short supply due to the ongoing shortage of HGV drivers.

Last month, the situation became so dire for motorists that the government deployed the military to help restore fuel at petrol stations.

The shortage of HGV drivers has been attributed to the Covid pandemic, Brexit and wages and working conditions, which HGV drivers said have declined over the past decades.

But the RAC does not believe that panic-buying of fuel has contributed to the hike in petrol and diesel prices.

RAC said the rise in prices was partly driven by the price of a barrel of crude at USD 84, which was double the price a year ago.

Motoring Organization fuel spokesman Simon Williams said prices were a “huge concern”, and urged ministers to consider temporarily cutting VAT on fuel.

He argued that this could be the “most effective” move for the government to “help reduce the burden on drivers”.

Mr Williams said: “We call on the government to act and do whatever it can to help ease the burden on drivers.

“While the cost of oil has more than doubled in a year, the price paid by drivers in the forecourt is compounded by the fact that a fuel duty of about 58p is levied on every litre.

“And, on top of the delivery cost and the retailer’s margin, you’ve got VAT which is currently 23p per litre.”

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Credit: www.independent.co.uk /

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