Petrol prices at eight-year high

Petrol prices have reached their highest in almost eight years.

According to the AA, petrol prices have reached their highest in nearly eight years.

It says that petrol prices have reached 133p per litre, which is nearly 20p higher than prices in November and the prices of diesel are also up.

The increase comes as families are filling up their tanks for summer getaways and staycations in the UK. Another motoring body, the RAC, is predicting an incredibly busy summer on the roads.

The rise in fuel prices comes following a steady increase in oil prices and has added to fears of increasing inflation.

The price of oil has risen over the past year from around $43 a barrel, however, they are now at more than $70.

Figures that were released this week indicated that the rate of inflation in the UK reached 2.5 per cent in the year to June, this is the highest for almost three years, with the increasing fuel prices being one of the causes.

UK drivers have not had to pay for fuel prices as high as this since the beginning of October 2013, according to the BBC.

“Surging pump prices continue to drain family and other consumer spending,” said Luke Bosdet, the AA’s fuel price spokesman.

“A family with two petrol cars would have spent around £230 on fuel in November had Covid lockdowns not discouraged travel. Now, the monthly cost of refuelling their vehicles is above £265.”

According to the RAC, drivers are planning around 29 million holidays in the UK this year, and 16 million of these are during the school holiday.

Their survey of 2,500 drivers revealed that the number of people booking holidays in the UK has increased 20 per cent since April. Figured from the RAC indicate that the West Country – Cornwall, Devon, Dorset and Somerset – will have the highest numbers of holidaymakers.

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