IT’S a bit of a given that the price of things goes up as time goes on. From fuel prices, to the carton of eggs in your local supermarket, the basics of economics dictate that for the most part, prices rarely go down.
One daily purchase that we all make that is getting more and more expensive is petrol, as the UK average price of petrol per litre hits more than £1.50. That jump in recent weeks has forced the price of filling up an average family car from around £60 to more than £80. If you commute daily to work, you’re likely to be already feeling the pinch.
The spike in fuel prices has been forced by rising prices for crude oil, with prices per barrel hitting a 14-year high, topping out at $140. It all stems from most nations' looking to ban the import of Russian oil, a retaliatory sanction for the nation’s invasion of Ukraine.
And while we’d love to tell you that the prices have peaked and should begin to drop over the coming days, that isn’t likely to be the case for quite some time. Market analyst David Morrison was speaking to Mail Online, and while some respite may be on the horizon, it’s not going to come in the form of immediate relief.
“I think we're going to see a very sharp bump in oil prices, even without the European approval that the US says it will seek before taking action. That means more pain for all consumers.
“For some, this will be a price worth paying to support Ukraine – but it's a disaster for those already struggling.”
Fuel prices will rise, although hope is on the horizon
Luke Bosdet from the AA discussed the matter further with Sky News, adding weight to the argument that it’ll be getting worse before it gets better.
“A year ago, with pump prices rising steadily after the pandemic slump, 125p a litre was bad news but 155p was unimaginable.
“Although with every pump price surge a slump eventually follows, notwithstanding the fuel trade's reluctance to pass on savings quickly, £7 a gallon could well be a watershed moment.”
To help curb the damage to drivers and industry, there are calls on the chancellor Rishi Sunak to dramatically cut VAT on fuel and drive down petrol prices, something that could help out those that rely on their vehicles for work, commuting, and recreation.
It's not all doom and gloom though, as motorcycles can offer significant savings at the pumps over taking the car. It's also obviously more enjoyable to ride into work, and as we have reported before, much better for your mind, body and soul! It's likely that the surge in fuel prices will have a knock-on effect on new bike sales, just as the COVID-19 pandemic did when many looked to two wheels as an alternative to public transport.
