Average petrol prices in Britain have exceeded £1.52 per litre for the very first time as the cost of oil continues to become high due to the ongoing war in Russia.
Russian invasion over Ukraine has impacted the overall world in various ways. It is now continuing to harm the economy of UK by causing inflation in petrol prices. According to a report by a data firm Experian Catalist, the moderate price of a litre of petrol in Britain forecourts was 152.20p on Wednesday, 9 March, up from 151.67p on Tuesday, 8 March.
The cost of diesel was 155.23p, and now it has risen to 155.79p in the same period. Oil prices have rocketed due to concerns over the dependability of supplies since Russian troops invaded Ukraine in late February.
On Thursday, 10 March, Brent crude soared to a 10-year high of nearly 120 US dollars per barrel. RAC fuel spokesman Simon Williams said United Kingdom fuel prices are determined by the price of oil and the US dollar-pound exchange rate.
This means “further price rises are unavoidable in the coming days and weeks”, he said. Mr Williams added, “As this period of record-high prices could be here for some considerable time, drivers may need to take steps to keep their prices under control.
The Federation of Wholesale Distributors has alerted spiking fuel costs will also cause the price of groceries and food in restaurants to rise. On Tuesday, 8 March drivers and businesses were hit by a record daily increase in diesel prices.
The trade body said that its members would pass on transportation prices to food industry customers.
Chief executive James Bielby in a statement said, “Food price inflation is already occurring, but this is going to make it more harmful because there’ll be charges passed on to customers and then obviously to end-users as well.”