Gasoline hits highest price in nearly eight years after last monthly increase at the pump | Economic news

Gasoline is at its highest price in nearly eight years after eight straight months of increases at the pump, RAC figures show.

The auto organization predicted that escalating fuel bills, driven by rising oil prices, could accelerate the shift to electric cars.

According to RAC data, a liter of unleaded gasoline rose 2.7 pence in June, from 129.52 pence to 132.19 pence – its highest price since October 2013 when it was 132 , 28 pence.

At the same time, diesel rose 2.5 pence on the month, from 131.79 pence to 134.32 pence, taking it to its highest price in two years.

The price hike means the cost of filling a 55-liter family car has risen by £ 10 since last November, when a liter cost 114.12 pence.

The June hike alone added £ 1.50 to a tank of unleaded, with the cost reaching £ 72.70.

The average cost of a full tank of diesel is now £ 73.88, an increase of £ 1.40 for the month.

The average price of unleaded in the country’s four major supermarkets now stands at 128.17 pence after rising 3.3 pence in one month.

Diesel is 130.25p after rising 2.91p.

This makes a supermarket fuel tank on average £ 2.20 cheaper than in other forecourts.

The June pump price hikes were driven by a 10% increase in the cost of oil which saw the barrel rise from $ 69.37 to $ 76.12 per barrel at the end of the month, causing the price to rise by wholesale of gasoline and diesel.

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Simon Williams of RAC said: “June turned out to be a shocking month for drivers with not only the eighth consecutive monthly increase at the pump, but a return to 132p per liter of gasoline – something we didn’t not seen since October 2013.

“And if an 18p per liter cost increase over eight months isn’t bad enough, it’s hard to see the increases come to an end as the price of oil seems to go up and up, with $ 6 being…