Fuel prices ‘will hit £2 per litre this summer’, warns RAC: filling up car will cost drivers £110

Average fuel prices will hit £2 per litre this summer, motorists are being warned.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

The RAC made the prediction in the face of rising oil prices and the weakening of the pound versus the US dollar.

Government figures show the average price of a litre of petrol at UK forecourts on Monday was a record 175.6p, up 6.6p from 169.0p seven days earlier.

Hide Ad
Hide Ad

Average diesel prices increased by 3.7p per litre over the same period, reaching 185.3p.

The RAC made the prediction in the face of rising oil prices and the weakening of the pound versus the US dollarThe RAC made the prediction in the face of rising oil prices and the weakening of the pound versus the US dollar
The RAC made the prediction in the face of rising oil prices and the weakening of the pound versus the US dollar

That was the largest weekly increase for both fuels since March.

RAC fuel spokesman Simon Williams said: “With analysts predicting that oil will average 135 US dollars a barrel for the rest of this year, drivers need to brace themselves for average fuel prices rocketing to £2 a litre, which would mean a fill-up would rise to an unbelievable £110.

“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season.

Hide Ad
Hide Ad

“All this combined with a weaker pound at 1.2 US dollars means wholesale fuel costs more for retailers to buy.

“The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.

“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”

The Treasury cut fuel duty by 5p per litre in March.

Separate pump price figures from data firm Experian Catalist – which uses a different methodology to the Government – suggest the average cost of a litre of petrol on Monday was 178.5p, with diesel at 185.2p.