Petrol prices are at their highest levels in nine and a half years with confirmation that the average cost for a litre of fuel has risen to 142.94p.
The details were released on Monday (October 25) by motoring organisation RAC with one spokesperson describing it as “truly a dark day for drivers”.
The new average cost was reached on Sunday (October 24) exceeding the 142.48p a litre all-time peak reached on April 16, 2012.
READ MORE:How to pay ULEZ charges as London’s emission zone is expanded
The data release in conjunction with Experian Catalist shows that in a year the price of unleaded has sky-rocketed by 28p a litre.
In real terms this means that the rise from 114.5p in October 2020 will cost families an extra £15 to fill up a 55-litre family car, taking the price from £63 to £78.61.
High petrol prices displayed at a Shell petrol station in Southwark
(Image: Yui Mok/PA Wire)
Diesel is also staring at record breaking increases with a litre costing 146.50p, just 1.5p off the high of 147.93p, also from April 2012.
The dramatic hike has been driven primarily by the oil price doubling from around $40 a barrel a year ago to $85 now – but some analysts predict it could hit $90 by the end of the year.
Other factors that have led to the increase included September’s switch to greener E10 petrol and the margin retailers are taking on every litre sold which is now greater than it was prior to the start of the pandemic.
RAC fuel spokesman Simon Williams said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.
Queues for petrol were a common sight in London earlier this month
(Image: Dominic Lipinski/PA Wire)
“The big question now is: where will it stop and what price will petrol hit? If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre.”
Although the RAC has found people are not driving as much due to the pandemic, the public are “just as reliant on their cars” and many “don’t have a choice but to drive”.
“Those on lower incomes who have to drive to work will seriously struggle to find the extra money for the petrol they so badly need,” Simon Wiliiams added.
MyLondon’s brilliant new newsletter The 12 is packed with news, views, features and opinion from across the city.
Every day we’ll send you a free email at around 12pm with 12 stories to keep you entertained, informed and uplifted. It’s the perfect lunchtime read.
The MyLondon team tells London stories for Londoners. Our 45 journalists cover all the news you need – from City Hall to your local streets.
Never miss a moment by signing up to The 12 newsletter here.
The RAC are asking to Government to temporarily reduce VAT on the pumps and the biggest retailers to return their cut to pre-Covid levels.
MyLondon has looked at where the cheapest petrol stations are in London based on the information provided by website Petrol Prices.
1) Sainsbury’s Merton
This garage came in as the cheapest in London with unleaded costing 135.9p and diesel costing 141.9p, based on October 24 figures.
Address: 1 Merton High Street, London SW19 1DD.
2) North Cheam Esso Express
As of October 23, this fuel station was selling unleaded for 135.9p and diesel for 142.9p.
Address: 668 London Rd, North Cheam, Sutton, SM3 9BY.
3) ESSO Tesco Express Colliers Wood
At this station based on data available for October 20 you will find unleaded petrol priced at 136.9p and diesel at 142.9p
Address: 164 High Street Colliers Wood, London SW19 2BN.
4) ESSO Tesco Wimbledon Express
On October 20 unleaded petrol was being sold for 136.9p and unleaded for 142.9p at this station.
Address: Merton Road, Wimbledon, SW19 1EQ
5) Sainsbury’s Enfield
On October 24 the price of unleaded was 136.9p and the price of diesel was 136.9p also.
Address: 3 Crown Road, Enfield, EN1 1TH.
6) Greenford Service Station
Unleaded petrol at this independent petrol station was 137.8p and diesel was 141.8, based on October 20 data.
Address: 231 Oldfield Lane North, Greenford, UB6 8PP.
7) Applegreen Enfield Bush Hill
On October 20 the price of unleaded was 137.8p and the price of diesel was 141.8p also.
Address: 105 London Road, Enfield, EN2 6EU.
8) Sainsbury’s Ladbroke Grove
Unleaded is priced at 137.9p and diesel 142.9p according to figures on October 20.
Address: 2 Canal Way, London, W10 5AA.
9) Tesco Brent Cross
As of October 23, this fuel station was selling unleaded for 137.9p and diesel for 140.9p.
Address: Tilling Road, Brent Cross, London NW2 1LZ.
10) ESSO Harrow Tesco Express
Unleaded on sale at this garage for 137.9p and diesel priced at 138.9p, based on data from October 23 (unleaded) and October 20 (diesel)
Address: Alexandra Avenue, Harrow HA2 9DL
Want more news? Sign up to MyLondon’s FREE newsletters here.
Read More
Related Articles
Read More
Related Articles
https://www.mylondon.news/lifestyle/travel/petrol-prices-find-londons-cheapest-21959925
