U.K. Fuel Prices Rise To Fresh Records, With Rally Set To Continue
(Bloomberg) -- Gasoline and diesel prices in the UK continued their ascent over the holiday weekend, reaching record-highs yet again.
The average price of gasoline rose to 177.88 pence ($2.23) a liter on Sunday, pushing the cost of filling a family car to £98, according to the RAC motoring organization. Diesel prices increased to 185.01 pence a liter.
“With oil above $120 a barrel and sterling still at $1.20, worse is still to come,” RAC fuel spokesman Simon Williams said in a statement. “We expect to see the average price of petrol break through the 180-pence mark this week, with diesel moving further towards 190 pence.”
The soaring price of road fuels compounds a cost-of-living crisis for British households, which are grappling with surging energy bills and the highest inflation in four decades. UK diesel prices have also been driven higher by the country's decision to ban shipments of the fuel from Russia.
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