UK Gasoline Prices Hit Record High, Set For Further Rise

As in many parts of the world, gasoline prices in the UK hit a fresh record high on Tuesday amid rallying oil prices after the partial EU ban on Russian oil imports that is set to further tighten global fuel markets.

The latest average UK price of unleaded gasoline hit $2.18 (£1.73) per liter (a quarter of a gallon) at the start of this week, and is likely to rise further, according to RAC, the UK’s longest-serving motoring organization.

To put that into perspective, the cost of filling up a 55-liter typical family car has now risen to around $120 (£95.16), which will add further pressure on UK households who are already grappling with soaring energy costs.

The record-high gasoline prices also come just ahead of the Platinum Jubilee weekend in the UK this coming weekend, so drivers will likely see more pain at the pump in the coming days as millions of Britons are expected take a leisure trip by car during the extended Jubilee bank holiday weekend.

The new record highs in gasoline prices add to the cost-of-living crisis in the UK where energy bills are set to surge this autumn.

It’s not only UK consumers that are feeling the pain at the pump. U.S. gasoline prices also hit a record $4.622 per gallon on Tuesday, beating the previous record from just a day earlier, when the national average on Memorial Day was $4.619.

Fuel prices globally are set to increase further in the coming days as international crude oil prices rallied on Tuesday after the EU reached a compromise to ban 90% of Russian oil imports by the end of the year.

“This week could see the national average surge 5-12c/gal. This is your warning- today is the calm before the storm,” Patrick De Haan, head of petroleum analysis for fuel-savings app GasBuddy, said on Monday just before the deal on a partial EU embargo was reached.

By Tsvetana Paraskova for Oilprice.com

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