Skip to content
Search
AI Powered
Latest Stories

Fuel prices cross record-high milestone for the first time

Fuel prices cross record-high milestone for the first time
High petrol and diesel prices are displayed on the forecourt of the M62 motorway Hartshead Moor service station on February 24, 2022 in Cleckheaton, United Kingdom. Amid anxieties over Russia's assault on Ukraine, petrol prices in the UK neared £1.50 per litre as the price of Brent crude oil, an international benchmark, exceeded $100 per barrel for the first time since 2014. (Photo by Christopher Furlong/Getty Images)
Getty Images

UK fuel prices have hit a new record high today (28). Petrol and diesel prices passed the “grim milestone” of 150p a litre for the first time, as Russia's invasion on Ukraine continues to push global fuel prices, stated recent reports.

The average price of unleaded petrol climbed to 151.25p and diesel rose to 154.74p, both record highs, according to RAC data from roughly 7,500 UK petrol forecourts, The Guardian reported.


“It’s truly a grim milestone that no one ever wanted to see,” Simon Williams, the RAC’s fuel spokesperson, said. “This is really going to hurt household budgets.”

Williams warned that fuel costs were likely to increase and could even sail above 160p a litre in the coming weeks – worsening the impact on British living costs.

The increase will take the overall price of a fuel tank to £85, Williams said, adding that any price rises would cause “untold financial difficulties” for road users.

Howard Cox, founder of FairFuelUK, has also warned drivers of a fuel price rise but has estimated more grim figures.

Warning that “oil will continue to rise”, which in time will affect prices at the forecourts, Cox said costs will jump by an extra 10p in the “immediate future but an extra 30p rise is not out of the question.

Conservative MP Robert Halfon said fuel was now “genuinely going to be unaffordable for most families”, adding: “It isn’t just for motorists, it’s businesses too because they can’t afford transportation costs and this has a huge knock-on impact in terms of prices.”

Since Russia is the world's second-largest crude oil exporter behind Saudi Arabia, it is feared that Vladimir Putin could respond to western sanctions by restricting supplies.

The development comes as Brit households continue to grapple with increased cost of living. While inflation is at a 30-year-high at 5.5 percent and is expected to touch 7 percent by spring, higher energy costs are also expected to put extra pressure on the families.

More for you

A woman walks past a window display promoting an ongoing sale

A woman walks past a window display promoting an ongoing sale, on December 13, 2024 in London, England.

Photo by Leon Neal/Getty Images

Retail sales disappoint before Christmas

UK retail sales rose less than expected in the runup to Christmas, according to official data Friday that deals a fresh blow to government hopes of growing the economy.

Separate figures revealed a temporary reprieve for prime minister Keir Starmer, however, as public borrowing fell sharply in November.

Keep ReadingShow less
Sybren Attema, and Betty Eekchaut

Presidents Sybren Attema, FrieslandCampina, and Betty Eekchaut, Milcobel

Yazoo parent FrieslandCampina announces merger with Belgian rival Milcobel

Dutch dairy collective FrieslandCampina has agreed to merge with smaller Belgian rival Milcobel, creating a leading dairy cooperative.

FrieslandCampina, whose brands include Yazoo and Chocomel, said the merger will provide the foundation for a future-oriented organisation that has dairy front and centre for member dairy farmers, employees, consumers, and customers.

Keep ReadingShow less
Retail Shoplifting. Man Stealing In Supermarket
Photo: iStock

Home Office reaffirms commitment to abolish £200 shoplifting threshold

The UK government has pledged stronger measures to combat anti-social behaviour and shoplifting, which it acknowledges as serious crimes that disrupt communities and harm businesses.

Addressing a House of Lords debate on Monday, Home Office minister Lord Hanson detailed plans to abolish the controversial £200 shoplifting threshold and to introduce a new offence for assaults on retail workers.

Keep ReadingShow less
post office store
Photo: Post Office Ltd

Post Office launches wellbeing hub to support postmasters amid rising retail crime

In response to the mounting pressures faced by postmasters across the UK, the Post Office has unveiled a centralised wellbeing platform aimed at simplifying access to support resources.

Post Office said the surge in shoplifting and violent incidents, documented in the 2024 ACS Crime Report, has only intensified the demand for comprehensive support.

Keep ReadingShow less
Independent retailers face mixed outlook for 2025 – Bira
iStock

Independent retailers face mixed outlook for 2025 – Bira

Independent retailers have weathered one of their most challenging years in 2024, with multiple headwinds affecting the sector, according to the British Independent Retailers Association (Bira).

With pressures mounting throughout the year, independent retailers have faced an increasingly difficult trading environment marked by changing consumer behaviour and economic uncertainties.

Keep ReadingShow less