Petrol prices jump above £1.50 for the first time

For the fourth month in a row, UK petrol prices have risen again, with February hitting an all-time high

UK petrol prices have risen above £1.50 for the first time as Russia’s invasion of Ukraine continues to raise the price of fuel around the globe.

According to the RAC on Sunday the 28^th of February the average price of unleaded petrol rose to 151.25p with diesel rising to 154.74p both being record peaks.

“It’s truly a grim milestone that no one ever wanted to see,” Simon Williams, the RAC’s fuel spokesperson, said. “This is really going to hurt household budgets.”

RAC spokesman Simon Williams said: “May was another miserable month for drivers with the fourth straight average price rise of both petrol & diesel taking us near to a five-year high.''https://t.co/CfrlokEi0q

— The RAC (@TheRAC_UK) June 5, 2019

Continuing fuel and petrol problems

In September 2021 the UK was rocked by a fuel crisis with the country panic buying petrol and insane queuing at service stations around the UK. Not even six months later, petrol shortages and prices are in the headlines again.

Williams has warned that fuel prices are continually going to rise and may even exceed 160p a litre in the coming weeks and months – having a detrimental effect of UK living costs.

At the Munich Security Conference on the 19 February 2022, UK Prime Minister Boris Johnson pointed out the danger of Europe’s reliance on Russian oil and Gas stating that the UK ‘must now wean ourselves off dependence on Putin’s oil and gas.’

“We must now wean ourselves off dependence on Putin’s oil and gas”

Although the UK only gets between 3-5% of its gas and 6% of its crude oil from Russia, global wholesale prices are rising as the conflict continues which in turn has a knock-on effect to UK families.

Steve Irwin, from fuel consultancy firm Portland, spoke to the BBC, stating that prices had risen over concerns about the oil and gas pipelines that travel through Ukraine and carry Russian products. According to the BBC, he said there was “potential for enormous supply disruption” if Russia retaliated to sanctions and used oil “as a weapon”.