As in many parts of the world, gasoline prices in the UK reached a new record on Tuesday amid rising oil prices following the EU’s partial ban on Russian oil imports, which will further tighten global fuel markets.
The latest average price of unleaded petrol in the UK reached $ 2.18 (£ 1.73) per liter (quarter gallon) earlier this week and is likely to rise further, according to the RAC, the UK’s longest-running automotive organization. .
To put this in perspective, the cost of charging a 55-liter typical family car has now risen to around $ 120 (£ 95.16), which will add additional pressure on UK households already struggling with rising costs. energy.
Record high petrol prices are also coming just before the UK’s platinum anniversary weekend, so drivers are likely to experience more pain at the pump in the coming days as millions of Britons are expected to take a costly car trip during the extended anniversary. holiday weekend.
New record high petrol prices are contributing to the cost of living crisis in the UK, where energy bills are expected to rise this autumn.
It’s not just consumers in the UK who are in pain at the pump. Gasoline prices in the United States also reached a record $ 4,622 a gallon on Tuesday, beating the previous record just a day earlier, when the national average for Remembrance Day was $ 4,619.
Fuel prices worldwide will rise further in the coming days as international crude oil prices rose on Tuesday after the EU reached a compromise to ban 90% of Russian oil imports by the end of the year.
“This week you can see the national average jump of 5-12c / gal. This is your warning – today is a lull before the storm, “said Patrick De Haan, head of oil analysis at the GasBuddy fuel-saving app, just before the EU’s partial embargo deal was reached.
By Tsvetana Paraskova for Oilprice.com
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