Price of petrol soars to record high at £1.99 a liter but wholesale prices begin to slump

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The cost of fuel at forecourts across the country has continued to soar, but figures have shown that wholesale prices are beginning to fall.

Scottish drivers were hit with rising costs at fuel pumps across the country as a knock-on effect of the ongoing Russian invasion of Ukraine.

This weekend seen the price of fuel rise to new heights, with the average price of petrol 163.46pa liter while diesel rose to 173.44pa liter.

Some drivers filling up at forecourts in the Greater Glasgow area were being hit with prices as high as £1.99 a litre.

The rising prices comes just after the AA Motoring Association said that a slump in wholesale costs at the end of last week has not made an impact on prices, reports The Mirror.

“Weekends are when forecourts are at their busiest and the rush to beat price increases pushed up demand,” said Luke Bosdet, the AA’s fuel price spokesman.

“That led to fuel stations ordering resupply at a faster rate, each tanker load coming at a higher cost and therefore accelerating the price rise at the pumps.



Some garage prices in the Greater Glasgow area have soared to nearly £10 a gallon
Some garage prices in the Greater Glasgow area have soared to nearly £10 a gallon

“That led to fuel stations ordering resupply at a faster rate, each tanker load coming at a higher cost and therefore accelerating the price rise at the pumps.

“In one town this weekend, filling a tank at one forecourt was more than a pound cheaper than directly across the road at another. They normally match each other but the petrol station resupplied earlier in the week at the much higher price was nearly deserted while its neighbor had a small queue.

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Bosdet added: “Unless the price of oil takes off again this week, the AA expects these wild pump prices to stabilize this week and even fall back at fuel stations that were supplied at peak prices but will eventually get cheaper deliveries. Meantime, drivers need to keep their eyes open for the much cheaper fuel.”

Tips to keep fuel consumption low include driving smoothly, changing gears early to avoid revving – and reducing speed.

Labor is today urging the Government to combat the “spiralling cost-of-living crisis” as new analysis by the party suggests families have been hit by a rise in annual petroleum costs of nearly £400.

Concerns have been mounting over living costs ahead of a planned hike in national insurance in April, together with rising energy prices, forecasts of increased inflation and uncertainty over the war in Ukraine.

Labor said its analysis of official figures reveals the average family is facing an annual rise of £386 in the cost of petrol, amid calls for a VAT cut in the Spring Statement.

The total was calculated by taking the increase in the petrol prices over the past year, and an average for the number of cars owned by families across the country, as well as how far they travel.

Labor found the cost of a liter of unleaded petrol increased by 38p from March 2021 to March 2022, and the average family has 1.2 cars and travels 8,040 miles in a year.

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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