As fuel prices rise across the country, the cost of filling up a family car with petrol or diesel has reached £100 for the first time in history.
Chancellor Rishi Sunak announced a 5p fuel duty decrease in March 2022 to help with the cost of living problem, when petrol prices hit a record high of 165.9p per litre and 177.3p for diesel.
Despite the drop, the generosity has long been forgotten, with current average prices for petrol and diesel exceeding 180p and 186p, respectively.
So, why are fuel prices in the UK skyrocketing yet again?
Here are some of the reasons.
Why are fuel prices rising again?
There are numerous variables that have contributed to increased costs, with the following being a few of the major reasons.
Ukraine-Russia war
Russia is one of Europe’s top oil merchants, and also one of the the world’s leading energy producers and exporters.
Following the declaration of war and all of the sanctions put on Russia, the United States, the United Kingdom, and the European Union are working hard to avoid using any Russian petroleum supply.
This means that demand for alternative suppliers has surged, resulting in higher prices at our gas stations.
The overall worldwide price has risen, despite the fact that the UK only obtains 8% of its oil from Russia, with intentions to reduce that to zero by the end of 2022.
Covid-19 pandemic
Following the Covid-19 pandemic, the price of crude oil has risen very highly.
Following the lockdowns, the price of crude oil fell in tandem with demand, but when life returned to normal and demands grew, suppliers strained to meet them.
As a result, prices have also risen as a result of this.
Exchange rate between the US dollar and the British pound
Crude oil is priced in US dollars, and the British pound is now weak against the dollar.
A US dollar is currently worth roughly 81p, making petrol considerably more expensive.
What can you do to battle the rising prices of fuel?
While the increasing cost of fuel will affect all drivers, there are a few strategies to mitigate how much you will be affected.
The RAC, a motoring charity, previously offered tips on how to save money as a motorist, which will come in handy during this price hike.
They advise against paying more for premium fuel because you won’t feel a difference unless you’re driving a high-performance vehicle.
According to the RAC, there are other ways to save fuel while driving, such as not pushing the pedal when starting the car and driving softly when it’s cold.
In addition, a NetVoucherCodes spokesperson told Metro.co.uk:
‘If there are little things that can be done to make fuel stretch that little bit further then it’s certainly worth doing them.
‘Simple things like taking anything weighty out of the boot—we’re all guilty of leaving things lurking in it—and keeping a check on tyre pressure.
‘Making a few of these small changes and being aware of our driving habits can help us make our fuel last longer.’