Petrol prices at eight-year high
Average petrol prices broke above 133p per litre this week, after rising every week for 32 weeks.
Back in November 2020, petrol cost 114p per litre. The price hike means the cost of filling a typical 55-litre family car has gone up by more than £10. In May 2020 petrol cost just under 107p a litre due to falling demand amid the first lockdown.
Diesel has undergone a similar price rise, according to AA research. The cost of a litre of diesel has gone up from 117.20p in November to 135.74p in July.
Luke Bosdet, the AA’s fuel price spokesperson, said: “Surging pump prices continue to drain family and other consumer spending. A family with two petrol cars would have spent around £230 on fuel in November had Covid lockdowns not discouraged travel. Now, the monthly cost of refuelling their vehicles is above £265.”
The eight-year high comes just as schools start to break up across England and Wales, with many families planning to travel to holiday destinations within the UK.
A survey by the RAC found that many people had booked breaks in the West Country, Scotland, Yorkshire, the Lake District and East Anglia. More than half said they planned to drive more than 150 miles from home.
Rod Dennis, RAC spokesperson, said: “With the school summer holidays less than two weeks away, a second ‘staycation summer’ in a row now looks like a certainty and will mean millions of us relying on our cars to get us wherever we want to go.
“Our research shows that while most people have already made their plans, if – as expected – travel restrictions limit the numbers taking foreign holidays, then those booking last-minute trips in the UK will probably soar, adding to what we expect to already be an extremely busy summer on the roads.”