Fuel prices have hit record highs in the UK.
According to the AA, diesel hit 151.57p a litre last week, which is a new record while petrol hit 148.02p a litre.
RAC’s fuel spokesman Simon Williams said: “With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks.”
“On a positive note, retailer margins – which were the reason drivers paid overly high prices in December and January – have now returned to more normal levels of around 7p a litre.”
Oil prices hit their highest level since 2014 on Monday and reached $95.56 a barrel. Oil prices may continue to rise if the situation in Ukraine continues to worsen.
As well as fuel, other household goods are also soaring as UK inflation is now at a 30-year high of 5.4%.
