Fuel prices in the UK could reach an all-time high in early 2022, with experts predicting pump prices to hit 150p-per-litre.
The news will make grim reading for motorists in the UK who are already counting the costs of high fuel prices with drivers currently paying 142.48p-per-litre.
High fuel prices are being driven by a hike in the wholesale cost of crude oil, which has doubled from around $40 a barrel in October 2020 to $86 now. Now some analysts are predicting further rises.
Howard Cox, founder of the FairFuelUK campaign believes that average pump prices will get close to 150p-per-litre by the end of 2021 if oil goes above $90 and near to $100, and that it was “likely” it would hit 150p in the first few months of 2022.
The RAC is predicting 150p a litre if oil reaches $100 a barrel. It also expects diesel to rise, but points out that it is still "a little way off its all-time high".
“This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt has knock-on implications for the wider economy," said RAC fuel spokesman Simon Williams.
“The big question now is: where will it stop and what price will petrol hit? If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre," he added.
The RAC is urging the Government to "ease the burden" at the fuel pumps by reducing VAT on petrol and diesel. Tax currently makes up 57% of the total cost of fuel in the UK, with 20% of that being VAT.
