UK Petrol Prices Hit Highest Ever Level

Former_MSE_James_F

The price of petrol in the UK has hit a record high, peaking at an average of 142.94p a litre on the back of continued oil price rises. Motoring group the RAC says data from Sunday (24 October) shows that average prices are now at their highest level ever recorded, surpassing the previous high of 142.48p a litre notched up in April 2012.

Read the full story here:
'UK petrol prices hit highest ever level as the price of oil more than doubles in a year'

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peter_the_piper

Does anyone know why the barrel price has gone up from about 11 dollars last year to about 86 currently?

BOWFER

peter_the_piper said:

Does anyone know why the barrel price has gone up from about 11 dollars last year to about 86 currently?

https://www.caixabankresearch.com/en/economics-markets/commodities/what-behind-rise-oil-prices

motorguy

A real pain for those of us doing significant miles (and another added pressure for the haulage industry) but i guess the bulk of people are doing less miles these days than they previously would have been because of COVID.

BOWFER

motorguy said:

A real pain for those of us doing significant miles (and another added pressure for the haulage industry) but i guess the bulk of people are doing less miles these days than they previously would have been because of COVID.

Surprisingly, we're not seeing too much/anything from hauliers regarding fuel costs (I work in logistics).
The problem is getting anything moved at all.....
This is where increased costs come in, as the shipping lines aren't giving any 'grace' towards delayed deliveries.
Not their problem, they would say.
So people are being hit with storage and container rent because we can't get haulage for XX days.
These costs are new because we were able to get haulage within the free period before.

PRAISETHESUN

I find headlines like this very misleading - even if petrol prices stayed in lockstep with inflation (ie. the "real" price never changed) every year would always be the "highest price ever recorded" (assuming no deflation). The 2012 peak, in real terms, was much worse than we are paying for fuel now. Additionally, comparing prices to the highly abnormal price crashes of 2020 is also very misleading - the 5/10 year average is trending upwards, but not by as a crazy amount as these headlines make it out to be. We don't need more journalists stirring up panic...

I do agree though that it is a right pain for those who drive a lot - the last thing we need is higher bills in times like these.

Flight3287462

The real killer is the £ vs $ exchange rate compared to 2008 or 2011/12.  

Lack of investment and divestment by the majors is also starting to cause issues.  This is what happens when you go all in on renewables.  Possibly going to get worse.

Thesaltmustflow

I'll be ok, my car is a Diesel  

born_again

peter_the_piper said:

Does anyone know why the barrel price has gone up from about 11 dollars last year to about 86 currently?

Well a year ago we could pay sub £1.00  ltr as no one was driving... Now life is back to normal. 

Oil suppliers are now reaping back all the lost money from 2020. Lets face it that oil has a sell by date 🤣 Which is approaching fast.

seatbeltnoob

they can charge whatever they want, people are just happy to have fuel in their tanks now. at any price.

photome

over 1.50 a litre many places around here