UK petrol and diesel expected to hit £2 a litre this summer

Average fuel prices for petrol and diesel in the UK are expected to hit £2 per litre this summer according to predictions by RAC insurance company.

According to the latest UK Government figures the average prices for a litre of petrol and a litre of diesel both saw the largest weekly increase since March, with petrol up 6.6p from a week prior, and diesel up 3.7p, as reported by Hull Live.

Speaking on the increase of fuel prices, Simon Williams, fuel spokesman for RAC stated:

“With analysts predicting that oil will average 135 US dollars a barrel for the rest of this year, drivers need to brace themselves for average fuel prices rocketing to £2 a litre, which would mean a fill-up would rise to an unbelievable £110.”

“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season.”

“All this combined with a weaker pound at 1.2 US dollars means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.

“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”

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