The RAC is warning that the cost of filling an average family car is about to hit the £100 mark, and will soon cost an “unbelievable” £110 per tank.
It says the wholesale price of diesel is fast approaching 160p per litre, and once you have added the 7p retailer margin and 20% VAT, the pump price will rise above £2.
RAC fuel spokesperson Simon Williams said: “The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history as a result of a litre hitting a new all-time high of 178.5p on Monday. Diesel also rose to yet another record by reaching 185.2p which takes the cost of a tank to £101.86.
“With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110.
“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season. All this combined with a weaker pound at $1.2 means wholesale fuel costs more for retailers to buy. The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark.
“We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”
The RAC has previously warned of a “national fuel crisis“, saying “something needs to be done.”
(Picture – RAC)