You are here: Home - Household Bills - News -

Petrol prices set to reach all-time high by Christmas

Written by:
Drivers face further misery in the run up to Christmas, with petrol prices predicted to reach record highs over the coming months.

Motorists are already having to contend with empty pumps brought on by panic-buying amid fears of fuel shortages due to a lack of delivery drivers.

However, they are also paying sky-high prices for their fuel because of a spike in the oil price.

Both fuels are now at prices last seen eight years ago and are closing in on the record highs of 2012.

Unleaded went up 1.5p to 136.83p in September, making it 22p a litre more expensive than a year ago, according to the RAC.

Diesel rose by 2.5p to 139.25p, 21p dearer than September 2020.

The rise at the pumps has been driven by a 10.65 per cent increase in the price of oil from $71.29 to $78.88 throughout September.

RAC fuel spokesman, Simon Williams, said: “As life moves ever closer to normal as the world gets to grips with Covid-19, demand for oil is outpacing supply, and with producer group OPEC+ deciding on Monday not to release more oil, the barrel price has now broken through the $80-mark for the first time in more than three years.

“This looks likely to spell further misery for drivers at the pumps as we head towards Christmas, especially as some analysts are predicting the price could even hit $90 before the end of the year.

“If this were to happen, we could see the average price of unleaded hit a new record of around 143p per litre. Diesel would shoot up to 145p which is only 3p off the record high of 147.93 in April 2021.”

Motorists flocked to forecourts last weekend over fears petrol stations could run out of fuel or close completely.

While the situation has eased slightly, supplies are still not back to normal.

At the peak of the crisis, the RAC said its patrols dealt with 13 times as many out-of-fuel breakdowns as normal.

This has now subsided to just twice as many, the motoring group said.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week