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UK Petrol Pump Prices Soar to Record High

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The average United Kingdom gasoline price at the pump surged to a fresh record on Monday, according to the RAC motoring organisation.

The cost of unleaded petrol — a British term for gasoline — hit 169.61 pence ($2.12) a litre on Monday, RAC data show. That’s up from 168.67 pence on Thursday last week. Diesel edged lower on Monday to 181.37 pence a litre, down from 181.48 the day before.

“The high cost of diesel is not only hard for the 12 million-plus drivers who rely on it, but also for the majority of businesses which move products or deliver services by road,” RAC fuel spokesperson Simon Williams said.

UK fuel prices have broken record after record in recent days, despite the government in March reducing fuel duty by 5 pence a litre. Russia’s invasion of Ukraine has helped to push commodity prices, including fuels, higher, fanning inflation.

“As ever-rising fuel prices are contributing to the cost-of-living crisis, we’re surely reaching a point where further intervention from the Chancellor is required to take the pressure off households and businesses,” Williams said.

Eye-watering fuel prices aren’t just a UK phenomenon. Gasoline retail costs have also recently hit record levels in the US, while in European wholesale markets, the fuel’s premium to crude oil is well above the seasonal norm.

•By Bloomberg|Jack Wittels

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