Petrol prices hit new record high of 178.5p a litre amid warning ‘worst is yet to come’

Average cost of litre of petrol is 178.5p, while same amount of diesel costs 185.2p

(The Independent)

Petrol prices have climbed to a new high of 178.5p a litre as drivers associations warned that the “worst is yet to come”.

The price of petrol increased by 0.6p in just 24 hours on Tuesday morning, and the price of diesel also soared to 185.2p a litre.

Drivers were warned that “frightening” petrol prices would hit 180p per litre this week, with the RAC calling on the government to intervene at the pumps and help lower costs for families.

They said that the soaring prices are “fast becoming a national crisis” and that the worst is yet to come.

They added that “radical government intervention” is needed as figures from data firm Experian Catalist showed petrol prices soared by nearly 6p per litre at UK forecourts over the half-term school holiday.

The average cost of a litre of petrol reached 177.9p on Sunday, up from 172.1p on 27 May.

Diesel prices rose from 182.7p per litre to 185p over the same period.

The RAC warned that “worse is still to come” because of the rising costs of oil due to the war in Ukraine. “With oil now above 120 US dollars a barrel and sterling still at 1.2 US dollars, worse is still to come,” RAC fuel spokesperson Simon Williams said.

“Sadly, we expect to see the average price of petrol break through the 180p mark this week, with diesel moving further towards 190p.

“More radical government intervention is urgently needed, whether that’s in the form of a further reduction in fuel duty or a VAT cut.

“As it is, drivers surely won’t be able to cope unless something is done to help.”

Chancellor Rishi Sunak introduced a 5p-a-litre fuel duty cut at the end of March but the policy has done little to slow down the rising fuel prices.

Prices of petrol and diesel are displayed outside a BP service station on March 31, 2022 in Telford (Getty Images)

Petrol prices rocketed by 11p in May, the second largest monthly rise on record, according to the RAC.

AA fuel price spokesperson Luke Bosdet said that “shock and awe” was the only way to describe “what has been happening at the pump during the half-term break.”

“Little wonder that nearly half of drivers stayed at home for the Jubilee extended bank holiday,” he added.

“The forces behind the surge have been oil jumping back above 120 US dollars a barrel for the first time since late March, combined with petrol commodity prices being boosted by summer motoring demand.”

Additional reporting by Press Association.