"The RAC has reported that average petrol prices have reached 149.82p per litre nationally, making it almost certain that the 150p threshold will be crossed soon."
"Diesel prices have now reached an average of 176.66p - levels not seen since Christmas 2022, with prices rising more than 34p per litre since the onset of military actions."
"Our analysis of wholesale fuel data points towards petrol continuing to rise to 152p a litre and diesel to 185p, possibly higher."
"The Treasury stands to gain from the price increase, with VAT receipts on fuel potentially rising from £13 billion to £15.5 billion, which critics describe as a 'tax on a tax.'"
UK motorists are facing rising petrol prices, expected to surpass £1.50 per litre for the first time in nearly two years. Average petrol prices have reached 149.82p per litre, while diesel prices have increased to 176.66p per litre. The surge is driven by global instability, with Brent crude oil prices around $107 per barrel. Analysts predict petrol could rise to 152p and diesel to 185p. The price increase is impacting household budgets amid inflationary pressures, with government ministers accusing retailers of profiteering.
Read at London Business News | Londonlovesbusiness.com
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