Today: Tuesday, 5 March 2024 year

UK petrol prices reach new high

UK petrol prices reach new high

The cost of gasoline in the UK on Tuesday set another record, exceeding the previous maximum values ​​recorded last week

It is noted that the cost of a liter of gasoline on Tuesday amounted to 178.5 pence (about $2.24), while the cost of diesel fuel rose to 185.2 pence (about $2.3). A year ago, petrol and diesel in the UK averaged 129 pence (about $1.62) and 131 pence (about $1.64) per litre, respectively.

The price of gasoline reaches a new high for the third time in the past six days. The reasons for this are a slowdown in fuel supplies due to a number of problems at refineries around the world, a shortage of gasoline and diesel fuel, as well as some types of refined oil, the channel reports.

Earlier on May 16, the head of the British motorists association RAC, Simon Williams, said that, despite the authorities’ record reduction of duties on fuel by 5d per liter in March this year, fuel prices continue to rise. He also noted that the refusal to import Russian diesel fuel will lead to a reduction in supply and an increase in prices. According to the RAC, a temporary reduction in VAT would be a more progressive way to help drivers, since the tax is applied at the time the fuel is sold.

The cost of gasoline and diesel fuel in the UK is hitting records due to rising global oil prices amid sanctions against Russia and the desire to abandon the purchase of Russian oil.
UK Finance Minister Rishi Sunak on May 26 announced a new £15bn ($18.9bn) package in response to the country’s cost-of-living crisis and record inflation. In addition, the authorities are imposing a temporary 25 percent tax on the excess profits of oil and gas companies.