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UK gasoline prices at their highest level since 2013, more to come | gasoline price

 


Gasoline prices in the UK hit their highest in nearly eight years as demand for fuel rises as the economy emerges from a pandemic lockdown.

Gasoline prices rose 3.4 points per liter in July, the biggest increase since January, and the ninth straight month of gains, the RAC said. As a result, the average price of unleaded 1 liter rose to 135.13p, the highest since the end of September 2013.

Drivers who fill their 55-liter cars with gasoline now pay 11.47 more than a year ago, according to RAC.

Prices are currently only going in one direction, and not the direction drivers want. As the second summer staycation kicks off in full swing, RAC Fuel Spokesperson Simon Williams said it would be a particularly expensive stay for many families using their cars to vacation in the UK.

Diesel prices also rose 2.7p last month to 137.06p, the highest since 2014.

The fuel price hike comes as oil prices rise this year as a result of confidence in an economic recovery as COVID-19 vaccinations are implemented and confidence in a supply shortage as the OPEC group and its allies slowly eased production restraints introduced at the beginning of the pandemic. .

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Brent crude hit a three-year high of around $78 a barrel early last month, but fell below $72 this week on concerns that the spread of the delta variant could slow the global recovery. However, RAC is concerned that fuel prices could continue to rise unless producers supply more fuel.

For now, it’s hard to know what it will take for prices to start falling again. Although the pandemic has not been overcome, there is a possibility that oil demand will continue to increase as economic activity resumes, which is expected to have the effect of raising wholesale oil prices, a cost that retailers have to bear. said the pump.

Unless the major oil producers decide on new strategies to increase production, by the end of the summer, barnyard prices will be much higher.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/money/2021/aug/04/uk-petrol-prices-at-highest-level-since-2013-with-more-rises-expected

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