Fuel rockets to its highest price in UK for eight years
Fuel in the UK is now more expensive than at any other time in the last eight years as the cost per litre moves to within 7p of the all-time record
Fuel prices in the UK are at their highest level for eight years following nine straight months of rises, according to the RAC.
The average price of a litre of petrol is now 135.13p, which means the cost of filling up your motorcycle or car is more expensive now than at any time since September 2013.
The reason is down to rising crude oil prices, which have subsequently trickled down to the buyer, with July 2021 alone seeing fuel rise on average by 3.4p per litre.
As such, the cost of filling up an 18 litre petrol fuel tank is now around £24.30, approximately £1.50 more than it was in June alone, though there are variances on prices depending on where you are and where you fill your motorcycle.
It comes as bikers enjoy a summer of riding a year on from the lockdown measures that placed restrictions on free movement and interactions with people outside of your household.
"Prices really are only going one way at the moment - and that's not the way drivers [riders] want to see them going,” said RAC fuel spokesman Simon Williams.
"With a second summer staycation in full swing, it's proving to be a particularly costly one for many families who are using their cars to holiday here in the UK,"
Will fuel prices continue to rise in August 2021?
The rise in prices is in tandem with the growing demand for fuel as industry gets back to full volume following the global pandemic crisis. With demand outstripping supply at the moment, prices are subsequently rising and are expected to for the next few months.
This could result in fuel prices rising to an all-time high beyond the record of £1.42 per litre recorded in 2012.
Prices are only likely to fall again once major oil-producing nations decide a new strategy to increase output.
"While we're not past the pandemic by any means, demand for oil is likely to continue to increase as economic activity picks up again, and this is likely to have the effect of pushing up wholesale fuel prices, costs which retailers are bound to pass on at the pumps."
