Brits are set to face more pain at the pump as fuel costs skyrocket amidst escalating tensions in the Middle East and a declining Pound against the dollar.
Drivers are feeling the pinch with petrol prices surging by £5.50 since January. The surge is attributed to volatile Middle East tensions, briefly spiking oil prices, compounded by the Pound’s weakening against the dollar.
In April alone, petrol prices shot up by 2p to 149.9p, with diesel rising similarly to 157.7p, according to RAC. The company has accused fuel retailers of exploiting oil price hikes to boost profits, yet hesitating to lower prices when oil prices dip.
RAC’s investigation reveals a staggering 36p difference between the cheapest and priciest petrol stations. Asda offers petrol at 139.7p per litre, contrasting sharply with the hefty 175.9p charged elsewhere.
The government has previously warned against exploiting motorists, urging fairness as global oil price uncertainty looms large.
Simon Williams of RAC warned, “Retailers inflating margins only exacerbates motorists’ financial burdens. It’s crucial regulators step in to ensure fair pricing.”
With fuel prices fluctuating, Brits brace for more pain at the pump amidst geopolitical tensions and currency woes.
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