Drivers face paying £2 a litre for gasoline on the pumps, the RAC has warned.
The most recent figures launched by the motoring physique has revealed that the worth for a litre of unleaded petrol has soared to a mean UK worth of 178.5. Diesel prices have additionally spiked to a excessive of 185.2.
RAC chiefs have estimated the price filling up a 55-litre household automobile will now attain round £100 for the primary time in historical past.
And specialists say it's anticipated to get even worse over the approaching weeks and months.
RAC gasoline spokesperson Simon Williams stated: “With analysts predicting that oil will common $135 a barrel for the remainder of this yr, drivers must brace themselves for common gasoline costs rocketing to £2 a litre, which might imply a refill would rise to an unbelievable £110.
“The oil worth is rising on account of elevated demand for gasoline the world over as China eases its Covid restrictions and America and Europe go into the height summer season driving season.
“All this mixed with a weaker pound at $1.20 means wholesale gasoline prices extra for retailers to purchase.
“The wholesale worth of diesel is quick approaching 160p a litre which, once you add 7p retailer margin and 20 per cent VAT, would take the pump worth over the £2 mark."
Drivers have confronted rising prices of filling up their automobiles since Russia’s invasion of Ukraine kicked off in February this yr.
Since then, each petrol and diesel costs have skyrocketed to document ranges.
The RAC say the common worth of gasoline elevated by 11p in Could alone - which is the second largest month-to-month improve ever seen.
Tory Chancellor Rishi Sunak diminished gasoline obligation by 5p a litre throughout his spring assertion in March.
Nonetheless, this has did not offset the impression on drivers’ pockets to this point.
The UK Authorities has been urged to take additional measures to assist drivers throughout this extraordinary surge in costs.
RAC’s Simon Williams added: “We strongly urge the Authorities to take drastic motion to assist soften the impression for drivers from these never-before-seen pump costs.”
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