Petrol prices at an eight year high

Business / Sat 3rd Jul 2021 at 08:46am

PETROL is now at its highest price for nearly eight years following eight straight months of increases at the pumps, data from RAC Fuel Watch has revealed on Saturday.

A litre of unleaded rose by 2.7p-a-litre from 129.52p to 132.19p in June, taking it to a price last seen in October 2013. Diesel went up 2.5p from 131.79p to 134.32p, which is the most expensive it has been since June 2019.

Below is a chart of petrol prices in or near Harlow.

RAC says unleaded has sky-rocketed by 18p-a-litre from the start of November to the end of last month.

And the increase in costs at the pump look set to rise as the Organisation of the Petroleum Exporting Countries has told its biggest producers to increase outputs more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.

Motorists filling up with petrol on 2 November 2020 would have paid an average of 114.12p per litre.

However, an average increase of 2.25p-a-litre each month since unleaded reach the highest level it’s been for almost eight years, adding £10 to the cost of filling the tank of a standard 55-litre family car in that period.

The June rise alone added £1.50 to a tank of unleaded with the cost jumping to £72.70, the RAC says. 

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