The RAC figures now show that motorists are getting hammered at the pumps for up to nine straight months of the fuel price surge. In July, unleaded petrol rose 3.4p per liter representing the biggest monthly increase since January 2021.
The prices of petrol have reached an 8-year high as the costs of filling up cars increased for a ninth straight month. Currently, the motorists are getting hammered at the pump since the unleaded petrol keeps becoming expensive.
That puts the average price back to the 2013 levels of 135.13p, with diesel also rising by 2.7p to 137p, a 7-year high. These figures have been released as RAC looked into the petrol prices across the UK.
But, it seems like the hikes will continue as the COVID-19 recovery keeps increasing demand. The prices of oil had plunged to $31 per barrel in March 2021 but they have more than doubled to trade at $76 currently. The experts from Goldman Sachs investment bank believe that it might even reach highs of $80 per barrel in the months ahead.
The RAC also warned families taking road trips within a summer of staycations face “relentless rises”. Growing global confidence amid the coronavirus vaccination program has since raised demand. The spokesman for RAC, Simon Williams, stated:
“Prices are only going one way at the moment – and that’s not the way drivers want to see them going.”
He then advised the motorists to drive economically if they can to enable them to cut costs. Williams added:
“Right now, it’s hard to see what it will take for prices to start falling again. While we’re not past the pandemic by any means, oil demand is likely to continue to increase as economic activity picks up again. Unless oil-producing nations decide a new strategy to increase output, we could see forecourt prices go even higher.”