Average UK petrol and diesel prices hit record high

Image: Pixabay

The AA has said that the average petrol prices in the UK have surpassed 148p/litre (176 euro cents) for the first time, rising above the previous record high of 147.72p/litre (175 euro cents) on 21 November last year.
The new high piles further pressure on already stretched motorists who have faced a string of price rises over the last few months, both in the UK and elsewhere.
Spanish petrol prices reached a record high of €1,538/litre on February 3.
Expectations are that prices will continue to rise in the short term as the world returns to normal and demand rises. That coupled with the ongoing tensions in the Ukraine will continue to drive prices up as investors look to take profits and countries concerned about supply look to stock up.
Efforts earlier this year by the USA and others to encourage OPEC to increase output has done little to slow down the rise in prices, that despite countries like the USA releasing some of its stores to try and deal with some of the demand.
British consumers and those elsewhere in the world will not welcome the news that the average prices of petrol and diesel in the UK has hit a record high, a warning that more bad news is to come.

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Written by

Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]