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Petrol prices: Diesel hits £2 a liter in UK for first time | United Kingdom | News UK News

Motorists on the Isle of Wight paid £2 a liter of diesel on Thursday when they went to refuel their vehicles. Drivers at Osborne Garage in East Cowes were shocked when they were charged 201.5p at the pump in what is believed to be the most expensive fuel in the UK.

The price hike marked a 10p increase on the previous day, when diesel cost 191.5p a litre.

It is believed to be one of the first petrol stations in the country to sell diesel at over £2 a litre.

Fuel retailers have seen prices rise in recent days after the cost of crude oil hit a 14-year high on Monday at $139 a barrel.

The price of a barrel of Brent crude, which is the most commonly used way of measuring the price of oil in the UK, fell to $109 a barrel on Wednesday but quickly recovered to around $116 on Thursday.

Simon Williams, RAC fuel spokesman, said: “There was a hint of better wholesale market news on Wednesday with substantial petrol and diesel declines which could lead, in a week or so, to a slight slowdown in the daily price at the pump. increases and records are broken less frequently.

But motorists will continue to see high prices on forecourts as retailers pass on their increased wholesale costs.

He added: ‘A tank of petrol now costs nearly £88 while diesel is now over £92.

“Diesel unfortunately appears to be on track to reach £1.70 per litre.”

UK forecourts sold petrol at an average price of 156.9p a liter on Wednesday, up 3.2p from Monday, figures from data firm Experian Catalist showed.

Record fuel prices were driven by war in Ukraine following the Russian invasion two weeks ago.

Prices fell briefly on Wednesday amid confusion over whether major producers would help fill the supply gap from Russia after the United Arab Emirates appeared to push members of the OPEC Producer Group to increase their production.

READ MORE: UK drivers hit by BIGGEST daily diesel price rise

However, hopes were quickly dashed by the UAE’s energy minister who said OPEC oil producers would not exceed its current output, prompting a further rise in prices.

Oil prices have risen more than 30% since Russian President Vladimir Putin invaded Ukraine on February 24.

Russia is the world’s second largest exporter of crude oil behind Saudi Arabia.

As war continues to rage in Ukraine, with Russian forces stepping up attacks across the country, fears are growing over the reliability of supply chains.

International sanctions by Western governments against Russia could also drive up oil prices.

Russian imports currently account for around 8% of UK annual oil demand.

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Britons already feeling the pressure of the cost of living crisis have been hit by soaring household heating bills amid concerns over oil and gas supplies.

The RAC has called on Chancellor Rishi Sunak to help drivers by temporarily reducing VAT to at least 15%, which would lower petrol costs at the pump.

The group said in a statement: “The RAC is now asking the Treasury to consider a temporary and emergency reduction in the rate of VAT levied on fuel to alleviate some of the ills facing drivers and to better protect them from hikes. future.”

The UK government announced on Tuesday that the UK would phase out imports of Russian oil by the end of the year.

Business and Energy Secretary Kwasi Kwarteng confirmed the phasing out would not be immediate to allow the UK to adapt.

US President Joe Biden on Tuesday announced a ban on Russian oil in a move that is expected to put pressure on the Kremlin, although US imports of Russian energy are estimated at only around 8%, including three of crude oil.

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This notice was published: 2022-03-10 14:39:58

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