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Fuel value: London petrol station charges soaring £2.50 per litre in another ‘new document’ | UK | News

Prices hit 238.9p a litre for unleaded petrol and 249.9p for a litre of diesel in a Gulf petrol station on Sloane Avenue, in accordance with a information report. RAC motoring group’s Simon Williams stated it was regarded as one of many highest in the UK.

Mr Williams advised BBC Radio London: “Every day appears to be a brand new document.

“Those are particularly high prices, the average is currently 183p a litre for petrol and nearly 189p a litre for diesel.

“So these costs are notably excessive, a few of the highest in the nation.”

Gulf has been approached by the BBC for a comment.

The cost of petrol has soared in recent weeks with the average price of petrol now 182.31p per litre, and 188.05p per litre for diesel.

Fuel prices have increased sharply because the price of crude oil, which is used to make petrol and diesel, has gone up.

Soaring fuel prices have been driven by the war in Ukraine and moves to reduce Europe’s dependence on Russian oil.

With food and energy bills also surging, many households are under pressure.

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Fuel prices fell at the beginning of the Covid pandemic as many businesses temporarily closed and demand for energy collapsed.

But as global economies recovered, prices rose again and have surged further after Russia’s invasion of Ukraine.

Changes in prices at the pump are mainly determined by crude oil prices and the dollar exchange rate, because crude oil is traded in dollars.

Russia is one of the world’s major oil exporters and it is being targeted by economic and trading sanctions, which has led to potential supply concerns, pushing up oil prices.

EU leaders have said they will block most Russian oil imports by the end of 2022 to punish Moscow, which has also had an effect on prices.

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