Brit Drivers hit by biggest weekly fuel rise in 18 years

Brit Drivers hit by biggest weekly fuel rise in 18 years. Rapidly increasing costs have been blamed on Vladimir Putin and his invasion of Ukraine.

The ongoing invasion of Ukraine by Russia is causing fuel prices to rise dramatically. According to the Department for Business, Energy and Industrial Strategy, average petrol prices increased from 149.2p on February 28 to 153.0p on Monday. Diesel prices also rose considerably over the same period.

As reported by The Daily Star, the diesel and petrol price increases are the largest seen since June 2003.

Steve Gooding is the RAC’s Foundation director. Commenting on the increasing costs he explained: “With the tragedy in Ukraine showing no signs of abating it looks like we all need to brace for forecourt prices to continue upward, not least because they tend to lag oil price movements by a week or two.

“Inflation is hitting household budgets on all sides.

“The fact that transport is routinely the single biggest area of household expenditure will make forecourt price hikes particularly hard because for most households those transport costs are associated with running a car.”

He went on to add: “Whilst higher pump prices may make more people consider switching to electric cars that’s not a realistic overnight fix.

“In the short term the best most of us can do is look for ways to drive less, perhaps by sharing trips or working from home and going easy on the throttle when we do drive.’’

One think tank believes that the UK has left the COVID crisis and jumped into a cost of living crisis. Economist Adam Corlett revealed: “The tragic conflict in Ukraine is likely to further drive up the price of energy and other goods, and worsen the squeeze on incomes that families across Britain are facing.’’

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