RAC says filling a family car costs nearly £5 more since early September as UK pump prices hit 2022 highs
AI Market Summary
UK pump prices hit multi-year highs (petrol 170.54p/l, diesel 192.86p/l) as crude trades sustainably above $100 amid Gulf conflict-related supply risk. Rising fuel costs tighten household budgets and increase political pressure for fuel-duty relief, highlighting energy-driven inflation persistence. In the near term this reinforces sensitivity of European macro and risk assets to oil shocks and policy responses.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT+0.75%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Britain’s average petrol price has risen to 170.54p per litre and diesel to 192.86p, the highest levels since August 2022 and July 2022 respectively, the RAC said on Tuesday. The RAC said the cost of filling a family car has increased by nearly £5 since early September. It added that oil trading consistently above $100 a barrel is likely to keep pump prices rising.
