Petrol prices keep climbing to new record – adding 0.6p in 24 hours

Petrol prices set a new record of 178.50p a litre on Tuesday morning, increasing by 0.6p in just 24 hours.

The price of diesel has also increased to 185.20p a litre.

It is the third time in six days that a new high has been hit.

With supply of fuel slowing down in recent weeks due to bottlenecks at refineries across the world, and soaring oil prices triggered by Russia’s invasion of Ukraine, experts are warning that petrol prices are likely to continue increasing.

Prices at the pump have been hitting record highs every few days in recent weeks.

Last week, EU leaders agreed to cut 90% of oil imports from Russia by the end of the year, imposing the bloc’s most punishing sanction yet on Moscow since its invasion of neighbouring Ukraine in March.

The development sent oil prices shooting up to more than $124 a barrel, its highest level in three months.

But prices at the pump are also being driven by a shortage of petrol and diesel, types of refined crude oil.

There has been a huge surge in demand for fuel as global COVID-19 restrictions have been removed and driving returns to close to pre-pandemic levels. This, coupled with a reduction in refining capacity, has created a shortage that is pushing up the cost.

Over the Platinum Jubilee weekend, drivers planned some 19.5 million car trips, according to the RAC.

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