Cost of living crisis: Cost of filling average family car nearing £100 as petrol and diesel price hit record high
Motoring body the RAC have warned it will soon cost £100 to fill up a standard 55-litre family car with petrol, as prices of petrol and diesel soar to a new high.
Motorists have been warned fuel prices will soon rise to £2 a litre.
The average cost of a litre of petrol reached a record 178.5p on Monday, up from 177.9p on Sunday, meaning that filling a typical 55-litre family car with petrol has surpassed £98 for the first time.
Diesel prices rose from 182.7p per litre to 185.0p per litre over the same period, with a 55-litre tank costing over £100.
UK Government figures show the average price of a litre of petrol at UK forecourts on Monday was a record 175.6p, up 6.6p from 169.0p seven days earlier.
Average diesel prices increased by 3.7p per litre over the same period, reaching 185.3p.
That was the largest weekly increase for both fuels since March.
The RAC called for “radical government intervention” as figures from data firm Experian Catalist showed petrol prices soared by nearly 6p per litre over the weekend.
RAC fuel spokesperson Simon Williams said: “The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5p on Monday. Diesel also rose to yet another record by reaching 185.2p, which takes the cost of a tank to £101.86.
“With analysts predicting that oil will average $US135 a barrel for the rest of this year, drivers need to brace themselves for average fuel prices rocketing to £2 a litre, which would mean a fill-up would rise to an unbelievable £110.
“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season. All this combined with a weaker pound at $US1.2 means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre, which, when you add 7p retailer margin and 20 per cent VAT, would take the pump price over the £2 mark.
“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”
The Treasury cut fuel duty by 5p per litre in March.
Labour’s shadow transport secretary Louise Haigh accused the Government of being “too busy tearing themselves apart to tackle the brutal price hikes facing working people”.
She said: “Motorists are being taken for a ride and this hapless Government are too distracted to do anything about it.
“The Conservative Government needs to tackle the brutal petrol hikes and support Labour’s call to put money back in the pockets of working people with an emergency budget.”
Separate pump price figures from data firm Experian Catalist, which uses a different methodology to the Government, suggest the average cost of a litre of petrol on Monday was 178.5p, with diesel at 185.2p.