Record Petrol Price By End Of The Month

Wed 20th Oct 2021

British motorists are headed for more than halloween horrors at the end of October, with news that the spiralling fuel prices could hit record highs.

The Petrol Retailers Association have warned that the 142p per litre record, which was set in April 2012, is most likely to be broken some time before the end of the month, with the average price of unleaded currently sitting at 141.35p, a rise in the price of crude oil is driving up prices on the forecourts. Some experts are predicting that the price of a barrel of crude oil could surpass $100, after recently hitting $85 a barrel.

“Current average pump prices across the UK are being softened by some of the largest retailers who typically benefit from a three or even four-week lag to their delivered fuel prices,” said PRA chairman Brian Madderson.

“Only last week, two major grocery retailers in Belfast were vying for business by offering fuel at below standard wholesale cost with pump prices as low as 125.9p for a litre of petrol and 130.9p for diesel.”

With the Chancellor of the Exchequer, Rishi Sunak set to announce his budget next week, there are fears that an increase in fuel duty could pressure the price even higher.

The petrol crisis has been hit by panic buying earlier this month, and a switch to E10 has also confused matters for the public, however it is thought that a cutback in production by the major oil producers has led to the current rises.

“Our data shows we haven't seen the petrol price at this sort of level since September 2012, and we're now worryingly close to the all-time average UK price high of 142.48p that was hit in the same year,” said an RAC spokesman.

“At a time when households and businesses are facing spiralling prices in other areas this is a huge concern.”